Please note: This event will now be delivered as a webinar.
The year 2019 was a difficult one for the global economy, as geopolitical uncertainty and a slowing Chinese economy combined to trigger a global manufacturing downturn. The global economy grew at 2.2% in 2019, the slowest rate in a decade, and this lacklustre performance is set to continue in 2020.
Along with the increasing risk of the spread of the COVID-19 pandemic, trade related issues remain the biggest threat to our growth outlook. While the immediate risk of a further escalation in the tariff wars between the US and China has diminished, trade tensions between the two biggest economies of the world will remain high until at least the US presidential election in November—the outcome of which is still highly uncertain.
Malaysia's economy was already starting to show signs of weakness before the coronavirus outbreak. Real GDP grew by 3.9% year on year in the fourth quarter of 2019, the slowest rate of expansion since 2009. In recent weeks we have made downward revisions to our real GDP forecast for Malaysia in 2020, and now expect the economy to grow by 4.0% this year, from an earlier forecast of 4.4%. This is in light of the latest data, as well as after factoring in the impact of supply-chain disruptions and slowdown in trade flows related the pandemic.
Despite the slowdown, the regional economy of Asia will continue to expand at a faster rate than any other region in 2020-24. Growth will be supported by comparative political stability, high rates of saving and investment, a rapid rate of urbanisation, and an increasing adoption of digital technology which will open up new opportunities across markets and sectors.
Join us as we:
· share our latest analysis of the global economy;
· focus on the key issues that will shape the business environment this year;
· discuss the outlook for Malaysia's economy; and
· hear from business leaders how they are navigating near-term volatility troubled waters while positioning for longer-term growth.