ID :
164953
Tue, 03/01/2011 - 10:59
Auther :
Shortlink :
https://oananews.org//node/164953
The shortlink copeid
MALAYSIAN ECONOMY TO EXPAND 6.2 PCT THIS YEAR, SAYS ECONOMIST
KUALA LUMPUR, March 1 (Bernama) -- The Malaysian economy is expected to expand by 6.2 per cent this year, driven by a rebound in exports as well as higher crude oil prices, says an economist.
Daiwa Capital Markets Managing Director and Chief Economist Prasenjit K. Basu said not only was Malaysia and Brunei the only Asian countries which were net oil exporters, they were also among the biggest beneficiaries with a continuous hike in crude oil prices.
Basu, based in Singapore, said geopolitical crisis in the Middle East and North Africa have resulted in a continuous hike in global crude oil prices.
"Eventhough, there's a major sell-off in all emerging markets including Malaysia, it does not reflect the reality.
"The reality is that Malaysia is the biggest beneficiary among Asian countries due to higher oil prices and consequently, I would say, that Malaysia is going to be quite good even in this environment," Basu told reporters of his expectation for the Malaysian economy this year on the sidelines of the International Corporate Governance Network 2011 Mid-Year Conference here Tuesday.
Commenting on the possible impact of another quantitative easing
exercise on Malaysia, he said once the turbulence in the Middle-East and North Africa subside, the market would see the return of capital flow to emerging markets with valuation looking increasingly attractive now after a two-month sell-off.
"I think there will be recycling back funds into Asia over the next three to four months and I will look at the current sell off as a fairly good buying opportunity," he said.
Earlier, Basu was a panel speaker on "New Global Landscape" at the two-day conference hosted by the Employees Provident Fund and the Minority Shareholder Watchdog Group as its premier partner.
Daiwa Capital Markets Managing Director and Chief Economist Prasenjit K. Basu said not only was Malaysia and Brunei the only Asian countries which were net oil exporters, they were also among the biggest beneficiaries with a continuous hike in crude oil prices.
Basu, based in Singapore, said geopolitical crisis in the Middle East and North Africa have resulted in a continuous hike in global crude oil prices.
"Eventhough, there's a major sell-off in all emerging markets including Malaysia, it does not reflect the reality.
"The reality is that Malaysia is the biggest beneficiary among Asian countries due to higher oil prices and consequently, I would say, that Malaysia is going to be quite good even in this environment," Basu told reporters of his expectation for the Malaysian economy this year on the sidelines of the International Corporate Governance Network 2011 Mid-Year Conference here Tuesday.
Commenting on the possible impact of another quantitative easing
exercise on Malaysia, he said once the turbulence in the Middle-East and North Africa subside, the market would see the return of capital flow to emerging markets with valuation looking increasingly attractive now after a two-month sell-off.
"I think there will be recycling back funds into Asia over the next three to four months and I will look at the current sell off as a fairly good buying opportunity," he said.
Earlier, Basu was a panel speaker on "New Global Landscape" at the two-day conference hosted by the Employees Provident Fund and the Minority Shareholder Watchdog Group as its premier partner.
