Tengku Zafrul: Malaysia may need to review policies with global economy set to slow next year

KUALA LUMPUR, Aug 5 — Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz has said that Malaysia may need to recalibrate itself next year, in order to handle a possible economic recession.

"We are an open economy, trade to GDP is 120 per cent,” he said in reference to Malaysia’s gross domestic product being highly dependent on international trade, during a live interview with CNN last night. During the interview, Tengku Zafrul also said that the subsidies in Malaysia — which have been touted as the reason for Malaysia’s relatively low inflation rates — will become more difficult to maintain"in the long term”.

In the United States, CNBC reported that inflation rose to 9.1 per cent in June, while similar figures were seen across Europe.

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