US tariffs have introduced economic uncertainties, prompting Malaysia to expedite reforms. Economy Minister Rafizi emphasized the need for vigilance and proactive measures to maintain strong trade relations, particularly with the US. Malaysia aims to fortify its fiscal fundamentals and remains optimistic about projected economic growth of 4.5% to 5.5% by 2025, driven by key sectors.
KUALA LUMPUR, Feb 13 (Bernama) — US President Donald Trump’s recent tariff increases on Canada, Mexico, and China have led to uncertainties in the global economy. Economy Minister Datuk Seri Rafizi Ramli indicated that this situation provides Malaysia with a chance to expedite economic reforms. He emphasized that Malaysia, being a significant trading nation and a key trading partner of the US, must adapt swiftly to these changes.
Rafizi noted that the Malaysian government recognizes the implications of US policy shifts on the global economic landscape, particularly regarding investment sentiment in the short term. An integrated response to these changes is underway, led by the Ministry of Investment, Trade and Industry (MITI). He addressed these concerns during a session in the Dewan Rakyat, highlighting the potential effects of tariff policies on Malaysia’s economic outlook.
The Economy Minister reiterated the need for Malaysia to maintain vigilance in its international relations and adapt to global shifts to protect ties with important trading countries. He pointed out that proactive measures are necessary even if issues do not directly involve Malaysia, ensuring strong connections with the US and China.
To navigate these challenges, Rafizi proposed a focus on enhancing Malaysia’s economic stability by strengthening fiscal resilience and fostering a shift to higher-value economic activities. He underscored the importance of implementing policies that are conducive to investment and business growth.
In summary, the ongoing tariff war initiated by the Trump administration presents both challenges and opportunities for Malaysia. Economy Minister Rafizi Ramli sheds light on the importance of integrating reforms and proactive measures to sustain Malaysia’s economic relationships and bolster the country’s fiscal fundamentals. With projected growth rates of 4.5% to 5.5% by 2025, Malaysia aims to adapt and thrive amidst global economic uncertainties.
Original Source: www.bernama.com
