Malaysia's growth expected to slow to 3% this year

U.S. President Trump has announced that tariffs will be imposed on a country-by-country basis, with Malaysia starting to impose a 24% tariff on Friday. Economists predict that this could impact Malaysia's Gross Domestic Product (GDP) by as much as 1.5%, leaving the annual economic growth rate at only 3%, which poses a downside risk to long-term growth prospects. MIDF research economists point out that the U.S. market accounted for 13% of Malaysia's total exports last year. If exports to the U.S. decrease by 10%, it will impact Malaysia's export sector by 1.3%. Exports Could Plummet by 5.8% At the same time, if the U.S. raises tariffs, it will also affect the demand from other countries in the region. Exports from Malaysia to other countries and regions such as Singapore, Taiwan, South Korea, Vietnam, Japan, and even China could also decrease by 10%, leading to an overall export decline of 5.8%. Additionally, the economists believe that weakened production activity will re...