The world economy in the last quarter continues to be roiled with falling crude oil prices and China’s economic “softening” while we see a pick-up in the US economy.  Eurozone and Japan continue to struggle with threats of deflation.  Hence, the global economic growth outlook will remain challenging.

Malaysia will be collaterally affected as a result of the weak ringgit, lower oil revenue, budget deficit and oncoming Goods & Services Tax in 2015.   The current momentum seems to be biased towards the downside.  However, going forward, we should brace our businesses for short term volatility, focus on our core strength and adopt the best strategy to stay the course for the long term.

Malaysia’s GDP is expected to grow at 5% for 2015, albeit lower than 2014.  The Malaysian Government is maintaining a supportive growth policy.  The on-going investments in the Economic Transformation Programme, sustained private consumption and new job creation will support Malaysia’s growth fundamentals.  So let us look beyond the short term and plan wisely to stay the course for the long term.

Let us also remember that Malaysia will be Chairman of ASEAN in 2015 and the Asean Economic Community (AEC) will become a reality in 2015.  Malaysia will be part of the community of 600 million people in ASEAN with growing disposal incomes that will be more globally  connected  than  ever before.  Malaysia is strategically well placed at the cross roads for trade, technology, capital, funds and services and talent exchange.

As 2014 comes to an end, we usher in 2015 with optimism to see new emerging opportunities on the horizon.  I wish to express MASSA’s gratitude to all members and my Executive Committee members for their valuable participation and contribution to the Association over the years. 

I wish you and your families and all our readers, Season’s Greetings and a Happy & Successful 2015!

Tan Sri Azman Hashim
President