World Economy

Malaysia Dismisses Speculations

Malaysia Dismisses SpeculationsMalaysia Dismisses Speculations

Treasury Secretary General Mohammad Irwan Serigar Abdullah says Malaysia’s economy is still on the right track and still expanding, dismissing social media speculations that the country would be bankrupt following the fall in the ringgit’s value and global oil prices. “The fall is a global phenomenon which is also felt by several other nations with a commodities-based economy amid the strengthening US dollar, Bernama reported. “If you look at a country like Russia, which is overly dependent on oil, it is facing an even worse situation than Malaysia. And it’s the same with Brazil, Australia and New Zealand,” he said at a briefing at the “Enhancing National Unity and Integration Conference: Towards a Common Destiny–Where Do We Go From Here?” in Kota Kinabalu Wednesday. Irwan said the country’s current economic crisis was caused not just by the slowing world economy but also by “political noises” in Malaysia.