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Oil price rise will not impact GDP growth: ASLI

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Oil price rise will not impact GDP growth: ASLI Empty Oil price rise will not impact GDP growth: ASLI

Post by Cals Thu 19 Jun 2014, 03:17

Oil price rise will not impact GDP growth: ASLI
Business & Markets 2014
Written by Bernama   
Wednesday, 18 June 2014 20:02

KUALA LUMPUR (June 18): The recent rise in crude oil prices is not expected to impact Malaysia's gross domestic product (GDP) growth, says Asian Strategy and Leadership Institute (ASLI).

Chief Executive Officer, Tan Sri Dr Michael Yeoh, said the businesses had, by and large, factored in the oil price rise and the increase would not affect GDP, unless it was huge and happened all of a sudden.

"The rise of crude oil prices, however, may incur a higher inflation.

"The trend will have to be monitored, coupled with the upcoming implementation of goods and services tax next year," he told Bernama, on the sidelines of "CFO Summit 2014" here today.

In a report yesterday, Maybank Investment Bank Research said that for every US$10 per barrel rise in crude oil prices, it would take 0.7 percentage point off Malaysia's real GDP growth and raise inflation by 0.6 percentage point.

However, Maybank said that the higher trend boded well, in terms of trade and revenue to Malaysia.

It would improve Malaysia's trade balance by RM400 million and raise government's revenue by RM4.2 billion, thanks to the country status of a net oil exporter, it said.
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