Malaysia’s robust economic fundamentals will allow the country to effectively navigate the global uncertainties following the recent announcement of retaliatory tariffs by the United States, said Prime Minister Datuk Seri Anwar Ibrahim.
At a special briefing session in the Dewan Rakyat on the US tariffs, Anwar, who is also the Finance Minister, reaffirmed that the structural reforms under the MADANI Economic Framework would enable Malaysia to withstand external pressures and better prepare for global economic uncertainties.
“We are facing this chaos with a strong economic foundation, and we believe Malaysia can manage the situation effectively,” Anwar stated, emphasising that the country’s economic resilience would prevent it from falling victim to external pressures.
He highlighted that Malaysia’s economic data and figures were manageable and could be optimally leveraged to weather challenges.
Anwar further underscored the positive macroeconomic performance last year, which was reassuring. Malaysia’s Gross Domestic Product (GDP) growth for 2024 was recorded at 5.1%, a notable increase from the 3.6% growth in 2023. This performance exceeded the 2024 Budget projection of between 4% and 5%.
Additionally, he pointed out the government’s successful efforts in reducing the fiscal deficit, from 5.5% in 2022 to 5% in 2023, with projections to further reduce it to 4.1% in 2024 and 3.8% in 2025.
