The global economic outlook continues to be challenging on all fronts in the last quarter of 2015.  Oil prices have hit a record low and geo-political tensions are at an all time high.  The Euro zone and Japan are struggling with the possibility of deflation, China is experiencing an economic slow down whereas the US economy continues to gain strength. 

It certainly has been a tumultuous year for Malaysia.  We are facing challenging economic times.  The slowdown in global economic growth, the contraction in trade, low commodity prices and the depreciation of the Ringgit have impacted our economy and will continue to do so in the near future.  Despite these issues, Malaysia’s GDP growth for the third quarter of the fiscal year was a commendable 4.7% and our economy is projected to grow by 4.5% in 2016. 

Our country hosted the 27^th ASEAN Summit this past November which culminated with the signing of the Kuala Lumpur Declaration that reaffirmed Malaysia’s commitment to creating and fostering a Southeast Asia that is peaceful, free, and prosperous.  Prior to the ASEAN Summit, the APEC Summit was held in Manila where final negotiations regarding the Trans-Pacific Partnership Agreement (TPPA) were made.  Malaysia is one of the twelve countries involved in the TPPA, which is expected to alter the way in which we do business in the future.  The ASEAN Economic Community (AEC) is a growing market of 600 million consumers and has the potential to become the global center for trade, technology, finance, and talent recruitment.  Malaysia must seize this chance and take advantage of the tremendous opportunities that ASEAN can offer at every level. 

While the TPPA is expected to be ratified by member countries over the next 2 years, we must be cognizant of developments and acquaint ourselves with what will become the ‘new normal’ when it comes to doing business.  Malaysia is a trading nation and markets opened through the TPPA will boost our exports.  We must strive to innovate and raise our level of competitiveness.  We can achieve stronger and more sustainable economic growth and in the process, we will create a stronger Malaysia. 

As 2015 comes to a close, we usher in the new year with optimism and hope – hope for economic development and prosperity and hope for a world at peace.  I would like to convey MASSA’s gratitude to all members and especially to Executive Committee members for their much valued participation and contribution to the Association this past year.  I wish you a happy, healthy, and successful 2016!

Tan Sri Azman Hashim
President