KUALA LUMPUR - Economic problems from outside Malaysia will continue to affect the country, said Prime Minister Datuk Seri Najib Tun Razak.
He said there was still confidence in Malaysia’s economy, even with low commodity prices – such as oil – and a slowdown in emerging markets.
“We stand in good stead to deal with them because of the proactive steps we have taken,” he said at the launch of the Offshore Technology Conference Asia here.
Najib noted the difficulties in the global oil and gas market, such as the continuous supply of United States shale and Iran’s re-entry into the market.
He said the slowing growth in emerging markets reduced demand due to the decline in oil prices.
It was reported on Sunday that Brent crude oil was priced at US$40.93 a barrel compared to more than US$100 in mid-2014.
He said these factors had a big effect on the oil and gas industry, with over 250,000 workers laid off worldwide.
Najib said Malaysia had intentionally diversified its economy, going from a public-driven to a private-driven one.
He said public spending and investment used to take up a large part of Malaysia’s annual gross domestic product (GDP) but private consumption and