KUALA LUMPUR, Aug 12 — Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz expressed confidence in Malaysia's ability to withstand a potential recession in the United States (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 per cent, 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 per cent, 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.
— Bernama
