2016 has been a year of surprises and shocks. Uncertainty became the new normal, as a combination of factors – Brexit, Trump's White House victory, the rise of populism around the world, and the development of the oil price and ringgit – affected the country, including Penang.
Penang, like Malaysia, is an open economy, and plays a part in global supply chains and international business integration. Penang has benefitted significantly from globalisation, and has transformed itself into one of the country’s most important international manufacturing centres. It therefore goes without saying that Penang is significantly exposed to global economic developments, especially since tourism is one of its major industries.
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