Prime Minister Dr Mahathir Mohamad today labelled currency speculators and others who destabilised economies as economic terrorists.

Mahathir, in his 2003 budget announcement to parliament, said economic saboteurs had caused immense damage to developing countries, which had fomented internal unrest.

He complained that in the aftermath of the Sept 11 attacks on the United States, Washington and its allies in its "war on terrorism" had focused only on people who posed a physical threat.

"To them terrorism is confined to physical attacks on countries and their people," Mahathir said of the United States and its allies.

Economic onslaught

In an apparent reference to the 1997 Asian financial crisis, which he has blamed on currency speculators, Mahathir said "their economic onslaught on developing countries, which have brought unrest, miseries and the downfall of governments, is equally violent".

The prime minister, who is also the finance minister, said that high interest rates and the withdrawal of subsidies that followed the financial crisis further worsened the economy and resulted in instability.

"Those who benefitted were the currency speculators. Indeed, economic terrorists do not differ from other terrorists," Mahathir said. AFP