Malaysia confident in weathering US tariffs with solid economic fundamentals

KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim is confident that Malaysia's strong economic fundamentals will enable the country to navigate the global uncertainties following the recent announcement of retaliatory tariffs by the United States (US).

He stressed that structural reforms introduced under the MADANI Economic Framework will strengthen the country's ability to withstand global economic challenges and stay prepared for future uncertainties

"With a resilient domestic economy and strong confidence, we are not easily swayed by external pressures or overwhelmed by global challenges.

"We have the figures and data that can be managed and used wisely," he said during a Special Parliamentary Meeting in the Dewan Rakyat today on the US tariffs

Anwar, who is also the Finance Minister, described Malaysia's macroeconomic performance last year as highly encouraging, with the country recording a gross domestic product growth of 5.1 per cent in 2024 compared to 3.6 per cent in 2023, surpassing the Budget 2024 forecast of between 4.0-5.0 per cent.

"In addition, we have consistently reduced the fiscal deficit -- from 5.5 per cent in 2022 to 5.0 per cent in 2023 and subsequently 4.1 per cent in 2024, down to a projected 3.8 per cent for 2025," he said.

-- BERNAMA