Malaysia can withstand US recession

Malaysia will be able to withstand a potential recession in the US based on its recent economic performance, said Minister of Investment Trade and Industry Tengku Zafrul Aziz.

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.

He said this at the National Consultation Meeting on Green Trade, organised by Khazanah Research Institute in collaboration with the United Nations Conference on Trade and Development.