New Index for Economic Downturn.

When all conventional indices cannot address the level of poverty in the East Coast states some 40 years ago, an unconventional index was used by Royal Professor Ungku Aziz - namely the Sarong index. Clothing is a necessity of life and the number of sarong on the clothe lines reflected the affluence, or lack of, of the household.

Today, Malaysia and the world, is facing a serious economic downturn. How can we measure the people's perception of how bad it is, despite the Government saying that we are marginally affected and that it is merely 'imported' recession. I have an interesting index - the 'ang pau' index. For years, in good times and not so good times, I have noticed that the queue for 'ang pau' covers from the banks is a relatively good indicator of how well the economy is doing, or perceived to be doing. For the past many years, the queue for 'ang pau' covers are long and when given, only a minimal number is allocated per customer to ensure that they have some to give the later customers. So just how bad is the economy this year - at the bank that I use to transact my monetary business, they just put whole boxes of 'ang pau' covers with a handwritten notice - "Please take me home". Isnt this a sign of the times or not.