Malaysia to monitor US economic policies following Trump’s election victory - Finance Minister II

GEORGE TOWN - Malaysia will monitor the new economic policies to be released by the upcoming United States (US) cabinet, following Donald Trump’s recent presidential election victory.

Finance Minister II, Datuk Seri Amir Hamzah Azizan, noted that Trump is currently in the process of forming his Cabinet.

"In the meantime, we will observe the new policies emerging from the US, and we hope they will continue to drive global economic growth.

"Malaysia has a highly diversified economy, and we are confident in our ability to sustain strong growth,” he told reporters after officiating the ‘Propelling Malaysia Forward Conference 2024 - Penang Series’, organised by Affin Bank here today.

He added that Malaysia’s economy remains on the right track, as the nation’s gross domestic product recorded an average growth of 5.1 per cent in the first nine months of this year.

Amir Hamzah also noted that inflation was under control at 1.8 per cent, while the unemployment rate declined to 3.2 per cent in September.

"The government’s efforts to attract investors have been successful, spurring economic activities through the setting up of manufacturing plants.

"We hope these efforts will continue to yield positive results, and we have seen indications that growth will persist into the coming year,” he said.

Meanwhile, when asked about the increasing number of loans issued by non-banking institutions, he shared that the government plans to introduce a new Act to regulate these activities.

"The Act will help us to regulate lending, including buy-now-pay-later and similar schemes, making it easier for us to detect and address any issues resulting from these activities,” he added. - BERNAMA