Ripples from global events threaten local economy

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Recent economic events, particularly the fall in oil price, are predicted to significantly shade the economic outlook for Penang and for Malaysia at large.

The economy of Malaysia – and of Penang – depends to a significant degree on global trends, since both are highly exposed to externalities nowadays. The October 2014 Economic Outlook Update published by the International Monetary Fund (IMF) stated that world output growth is estimated to have remained unchanged for 2014. This is due to a mix of accommodative measures and negative forces, including uneven growth in the Euro area, weaker activity in China, continued strife in the Middle East, and geopolitical tensions between Ukraine and Russia. However, the growth is likely to be reckoned by stronger employment growth and a healthier housing market in the US, improved lending conditions in the Euro zone, and sturdier domestic Ripples from global events threaten local economy Recent economic events, particularly the fall in oil price, are predicted to significantly shade the economic outlook for Penang and for Malaysia at large demand in emerging market and developing countries.


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