KUALA LUMPUR: Malaysia will not be spared from the expected global economic slowdown in 2023 due to the US' continued hawkish stance on monetary policy, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
“2023 is going to be a challenging year because global economic prospect [is lower] due to what's happening in the US as the monetary policy tightens, as well as what's happening in Europe and in China. This will have an impact on the global economy, including Malaysia,” said Tengku Zafrul.
“In Budget 2023, we must be prepared to see what are the things that we should do to mitigate the slowdown in the world economy. Malaysia as an open economy, we need to make sure that we do what is necessary,” he added in a press conference at the “Developing & Financing Green Housing in Asia” conference on Wednesday (Sept 21).
Source : The Edge Markets