Malaysia poised to withstand US recession, says Tengku Zafrul

Malaysia poised to withstand US recession, says Tengku Zafrul

Controlled inflation and a second-quarter growth forecast of 5.8% contribute to an optimistic outlook.

Tengku Zafrul Aziz called for a focus on building resilient industries and diversifying the economy to prepare for worst-case scenarios. (Bernama pic)
KUALA LUMPUR:
Investment, trade and industry minister Tengku Zafrul Aziz expressed confidence in Malaysia’s ability to withstand a potential recession in the US, citing the nation’s recent economic performance as evidence.

Despite rising unemployment in the US, Tengku Zafrul highlighted several positive domestic economic indicators.

These include controlled inflation and a second-quarter growth forecast of 5.8%, which contribute to an optimistic outlook for Malaysia.

However, he emphasised the need for Malaysia to prepare for worst-case scenarios by focusing on resilient industries.

“As an open economy with a trade-to-GDP ratio of 130%, we must ensure our economy is diverse, not just in terms of products and GDP, but also in our markets,” he told the media today.

Tengku Zafrul made these remarks following the National Consultation Meeting on Green Trade, organised by Khazanah Research Institute in collaboration with the United Nations Conference on Trade and Development.

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