MALAYSIA – ECONOMY: Dashboard of the Malaysian economy as of April 14

The “Asean Briefs” newsletter publishes a weekly summary of economic news from Southeast Asia. We run your weekly Malaysia Dashboard.

Central bank annual report: Malaysian economy on track for 2022

Bank Negara Malaysia (central bank) released its annual report on March 30. She indicates that Malaysian growth is back, although she projects it slightly below the government (5.3 to 6.3%). Following a “stress test”, she confirms that the banking system remains sound and that the diversification of the Malaysian economy limits risks related to the war in Ukraine. In addition, she specifies that household debt has been reduced (89% of GDP compared to 93.2% at the end of 2021 but 82.7% at the end of 2019). Finally, it points out, in line with its recent report prepared with the World Bank (An Exploration of Nature-Related Financial Risks in Malaysia), that the ecological transition is essential to avoid very negative economic, financial and social consequences and to take measures to take advantage of the opportunities economic benefits offered by this transition.

Palm oil: Malaysia to the rescue of Europe?

As Ukraine’s sunflower oil exports, which account for half of global volumes, come to a halt, Malaysia is proposing to increase its edible palm oil exports to Europe. This statement by Zuraida Karamuddin, Malaysia’s Minister for Industrial Plantations and Commodities, comes at a time when British supermarkets in Iceland have indicated that they must re-incorporate palm oil into their products. In 2019, they pledged, in a highly visible media campaign, to stop using it. However, it is doubtful that Malaysia will be able to replace the missing volumes of sunflower (and rapeseed) oil because its production is limited by labor problems.

Intellectual property: Malaysia ratifies the Budapest and Marrakech agreements

On March 31, Alexander Nanta Linggi, Minister of Internal Trade and Consumer Affairs, signed at the headquarters of the World Intellectual Property Organization the instruments of ratification of Budapest (deposit of patents on microorganisms) and Marrakech (exemptions of copyrights). author for visually impaired people). While these are quite specialized treaties, these ratifications are part of a more general move towards Malaysia completing its IPR protection. Its entry into the RCEP -on March 18- had recently led it to reform its laws on patents (Patent Law), copyright (Copyright Law) and trademarks (Trademark Law).

Leave a Comment