Despite growing concerns that the US economy is moving into a recession, Second Finance Minister Tan Sri Nor Mohamed Yakcop is confident Malaysia would remain resilient as it has multiple export nations.
“Governments and businessmen in the region are concerned over recession reaching the US shores as the country is still a key market for many export-oriented Asian economies including Malaysia.
“For Malaysia there will be small indirect effects but we have other countries to export our commodities,” he said after the opening of Putra Bikes showroom at Jalan Kapar yesterday.
He added: “Our trading partners China, Vietnam and India give us multiple streams for an export-oriented market.”
“We must also understand that export is not the only source of our growth. Domestic consumption is there for economic growth as we have a sizeable middle class segment with purchasing power,” he said.