JOHOR BARU: An engagement session will be held with small and medium enterprises (SMEs) to assess the impact of the Iran conflict and global fuel crisis, says Akmal Nasrullah Mohd Nasir.
The Economy Minister said the meeting will be held ahead of the National Economic Action Council (NEAC) session, following its activation to coordinate the government’s response to the evolving situation.
“The council is expected to meet on Tuesday (tomorrow) and any decisions made by the council will be brought up during the Cabinet meeting the following day,” he told reporters during the parliamentary office’s Hari Raya open house here yesterday.
The engagement with SMEs will allow his ministry to better understand the challenges they face and the measures needed to mitigate the fuel crisis and ensure continued growth, before raising those matters with the NEAC.
Akmal Nasrullah, who is also the MP for Johor Baru, said this when asked how the crisis in Iran and the global fuel situation would affect the country’s economic growth, which was previously projected to be between 4% and 4.5%.
He said any changes to the projection will be made by Bank Negara Malaysia.
“This economic projection was issued by Bank Negara, so any changes to it 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,” Akmal Nasrullah 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.
