JOHOR BARU: The Economy Ministry will engage with small and medium enterprises (SMEs) to assess the impact of the Iran conflict and global fuel crisis, says its Minister Akmal Nasrullah Mohd Nasir.
He said the engagement would be held ahead of the National Economic Action Council meeting, which has been activated to coordinate the government’s response to the evolving situation.
"The council is expected to have a meeting on Tuesday (March 31), and any decisions made will be brought up during the Cabinet meeting on Wednesday (April 1).
“In preparation for the meeting, the Economy Ministry will engage with SMEs to understand the challenges they face and the measures needed to reduce the impact and ensure growth continues," he said.
Akmal Nasrullah, who is also the Johor Baru MP, said this during a Hari Raya open house hosted by his parliamentary office.
The minister said this when asked whether the crisis in Iran and global fuel crisis would affect the country's economic growth, which was previously projected to be between 4% and 4.5%.
Akmal Nasrullah also noted that any changes to the projection will be made by Bank Negara Malaysia.
"This economic projection was issued by Bank Negara, so any changes to that projection will certainly be updated by them.
"However, at the ministry level, we are also constantly monitoring and examining the medium- and long-term impacts of the situation, particularly those related to economic growth," he said.
He added that the ministry is also looking into ways to ensure a balance between the people's welfare and economic growth.
"We are closely monitoring people's welfare and inflation, as these are often the biggest issues related to oil supply.
"At the same time, this balance must also consider economic growth," he said.
