Prime Minister Anwar Ibrahim says Malaysia’s stable economy provides a buffer, but warns against complacency as global supply chains face disruption.
KUALA LUMPUR: The prolonged conflict in West Asia is expected to require a lengthy recovery period, but Malaysia remains in a relatively stable economic position to weather the challenges.
Prime Minister Datuk Seri Anwar Ibrahim said the situation has disrupted global supply chains, particularly in energy, although the country has thus far managed to remain resilient.
He said recent developments indicate the conflict’s impact is now being felt globally, including in Malaysia.
“When this happens, it will certainly affect global supply chains, especially energy, and Malaysia is not spared,” Anwar said in a video message.
“However, we must be grateful as we are entering this phase with a relatively stable economy and are still able to maintain RON95, for example, at RM1.99.”
He stressed that any easing of the situation should not lead to complacency.
Discussions with regional leaders indicated the situation may worsen before it improves and will take a much longer time to recover.
The government is leveraging the National Economic Action Council, supported by credible figures, to help address the challenges.
Several special programmes involving the Cabinet and dedicated committees have also been held to manage fuel consumption while ensuring energy supply security.
“We are grateful that the planning by our national oil company, Petronas, has enabled us to ensure sufficient oil and gas supply at least until May,” Anwar said.
The government has also taken early measures, including encouraging a more moderate approach in Aidilfitri celebrations.
Anwar expressed appreciation to all parties who have embraced the spirit by avoiding extravagance.
He noted that excessive displays of wealth could be detrimental as many Malaysians continue to face economic pressures.
“Those who are more affluent and hold higher positions must not be negligent, but instead show concern and extend assistance during these challenging times,” he said.
