World Bank: Malaysia’s diversified economy can cushion impact of oil prices

KUALA LUMPUR: Malaysia’s diversified economy provides a significant cushion so that the impact from lower oil prices is mitigated, according to the World Bank.

Senior country economist for Malaysia, Dr Frederico Gil Sander, said the impact of weakening oil prices would also be offset by the implementation of the goods and services tax and raising revenue from other taxes that were not related to oil and gas (O&G).