We live in a time when giant economies have had to experience how fragile they can be. The global crisis that began in 2008 has been going on for quite a few years now, and has affected the rest of the world profoundly. Penang, being an open economy manufacturing for the world, and otherwise dependent on the ability of global tourists to holiday on the island, has of course had reason to worry.
As one would expect, Penang is relatively more vulnerable than the rest of Malaysia to global fluctuations. It gets hit harder during hard times but – here’s the silver lining – recovers faster when things turn around.
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