Oil and gas woes beset Malaysia's economic revival

Falling oil and gas prices are a double whammy for Malaysia's economy as the Muhyiddin Yassin administration wrestles with the fallout from the Covid-19 pandemic.
Falling oil and gas prices are a double whammy for Malaysia's economy as the Muhyiddin Yassin administration wrestles with the fallout from the Covid-19 pandemic.PHOTO: REUTERS

With crude demand plunging, KL can't tap Petronas for more funds

Falling oil and gas prices are a double whammy for Malaysia's economy as the Muhyiddin Yassin administration wrestles with the fallout from the Covid-19 pandemic.

Unemployment hit a three-decade high of 5 per cent in April. Malaysia posted a trade deficit in the same month for the first time since the 1997 Asian financial crisis, with mining exports (largely made up of crude oil and natural gas) suffering their steepest plunge at 31.5 per cent, far more than the 23.8 per cent overall.

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A version of this article appeared in the print edition of The Straits Times on June 23, 2020, with the headline 'Oil and gas woes beset Malaysia's economic revival'. Print Edition | Subscribe