Malaysia's economy grew at its slowest pace in nearly two years in the second quarter amid its plummeting currency, the government said on August 13.
According to the central bank, second-quarter growth was 4.9 percent, down from 6.5 percent year-on-year, given weakened exports and private consumption.
Future growth prospects for Southeast Asia's third-largest economy, which is heavily reliant on energy exports, have been gloomy due to the slump in world oil prices.
During the period, private consumption expenditures expanded 6.4 percent, compared to 8.8 percent in the first quarter.
The ringgit fell to a 17-year low this week after China devalued the yuan, sparking fears Asia's biggest economy could start a regional currency war where central banks race to devalue their units.
Central bank governor Zeti Akhtar Aziz, however, said the economy would remain resilient and there were no plans to peg the currency to the US dollar or adopt other capital controls.-VNA
Malaysia's economy expanded by 4.3 percent in the second quarter of this year compared with 4.1 percent in the first quarter, with firm domestic demand continued to support growth.
Malaysia's economy expanded by an annual 5 percent in the third quarter of this year, bolstered by domestic demand and a significant turnaround in exports, according to Bank Negara Malaysia.
Malaysia's economy grew 5.1 percent in the fourth quarter of 2013, which was above economists' expectations of 4.8 percent, supported by private sector demand and higher exports.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Member states also reviewed progress on six priority areas for 2025, including the development of an underground cable framework, the follow-up agreement to the ASEAN Petroleum Security Agreement (APSA), the launch of the ASEAN Energy Efficiency Database, and the rollout of an investment platform for sustainable building initiatives.
In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula 1 chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.
The proposed giant sea wall aligns with bilateral cooperation and has been designated a national priority, considering that several regions in Indonesia are experiencing land subsidence of 10–15 centimetres per year.
International flights were cancelled including Jetstar and Virgin Australia flights to cities across Australia, and flights of Air India, Air New Zealand, Singapore's TigerAir and China's Juneyao Airlines.
The partnership aims to strengthen collaboration in the exploration and exploitation of mineral resources, including gold, copper, and manganese, as well as in the development of steel, aluminum, and renewable energy industries.
The Thai cabinet has approved a seven-year EV bus leasing scheme proposed by the Bangkok Mass Transit Authority (BMTA) for the capital, with an estimated cost of 15.35 billion THB (over 470 million USD).
Aircraft are prohibited from flying below 6,000 metres in the vicinity of the volcano, and should also remain alert to the presence of volcanic ash, which can disrupt flights.
Laos declared the transfer of the press management functions of five key media agencies and associated personnel to the Propaganda and Training Board of the Lao People's Revolutionary Party Central Committee.
Univers said in a statement that the new centre will serve as a hub for innovation, bringing together digital intelligence and climate ambition to accelerate Sarawak's transition toward a low-carbon, tech-enabled economy.
The target is to be completely free from plastic waste within two years. This can only be achieved if all parties implement the initiative with strong discipline.
Indonesia is taking new steps to improve protections for fishery workers, amid concerns over low wages, harsh working conditions, and limited access to social welfare.
The 2025 ASEAN- the Republic of Korea (RoK) Connectivity Forum that opened in Jakarta on June 17 reaffirmed a shared commitment to shaping a connected, resilient future by advancing the ASEAN Connectivity Strategic Plan.
The desk will serve as a service centre providing market intelligence, business licensing guidance, facilitating business cooperation, identifying potential investment projects, and harmonising regulatory policies between the two parties.
Malaysian Prime Minister Anwar Ibrahim noted that the Asia-Pacific region accounted for half of global energy consumption and 60% of greenhouse gas emissions in 2024. Despite this, regional countries, including eight of ten ASEAN member states, remain committed to climate goals, including net-zero emissions and tripling global renewable capacity by 2030.
The new halal cooperation arrangement will streamline halal certification and product assurance processes, making it easier for New Zealand exporters to access the Indonesian market.
Illustrative image (Source: VNA)
