No immediate plans to revise economic growth projections following ringgit slide, says Rafizi

  • Nation
  • Sunday, 28 May 2023

ISKANDAR PUTERI: There are no immediate plans to revise projections of the country's economic growth following the fall of ringgit over the past two weeks, says Rafizi Ramli.

The Economy Minister said there are other factors that will impact the country's gross domestic product (GDP) apart from the value of ringgit.

"For now, it is too soon to say that the fall of ringgit in the past one or two weeks will have any impacts on our projections.

"We need to wait for more data on the economy and trade in the next few months as the value of the ringgit alone is not the only determinant for our economic growth.

"Other trade activities such as exports and the price of oil also affect our growth," he said, adding that the government will continue to monitor the situation.

He said that the fall of the ringgit was mostly due to the progress of the United States (US) debt ceiling discussions that has also affected market sentiments.

Rafizi said this when asked if the government will revise its economic growth projection following the fall of the ringgit.

On another matter, Rafizi also said that the government is looking into creating a regional economic zone between Johor and Singapore.

He said that Johor has great potential due to its proximity to Singapore and the economic ecosystem between the state and the island republic.

"The idea has been discussed with Singapore but it was never formalised.

“I think we are now ready. We have our ideas and proposals on how we view Singapore as part of this economic zone and we also want to know their views.

"We hope to bring up this matter in the next Ministerial Joint Committee meeting between the Federal government, Johor and Singapore," he said.

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