Former British FSA chief: says Malaysia can brave oil, economic crisis

Stronger: Turners says Malaysia has taken vital steps to diversify its economy over the past 10 to 20 years.

KUALA LUMPUR: Malaysia is still in a better position to withstand the storm given its diversified economy compared with many other economies which are vulnerable to the crash in crude oil and other commodity prices, said former chairman of the governing board of the UK Financial Services Authority (FSA) Lord Adair Turner.

With the recent World Bank report stating that weak growth in the emerging markets would continue to weigh down on the global economy, Turner said Malaysia’s strength was its more diversified economy and therefore less reliant on commodities.