Having an open, export-driven economy means that Penang’s development is directly impacted by world events.
Uncertainties like the new US administration, tensions between oil-exporting countries in the Middle East, elections in Europe and a changing Chinese economy, to name just a few, will affect Penang, and not always in predictable ways. Having an open and diversified economy gives it resilience.
According to the International Monetary Fund’s annual consultation report, the Malaysian economy has done decently well over the past year despite a challenging global economic environment. It is likely to grow 4.5% in 2017, and 4.7% in 2018 on domestic demand development and as exports improve.
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