Malaysia weathers trade shocks through ASEAN unity

Malaysian Prime Minister Anwar Ibrahim speaks at the G20 Summit in South Africa. (Photo: nst.com.my)

Speaking at the G20 Summit in South Africa, Anwar said the lesson learnt from facing these challenges indicated that emerging economies could not afford to isolate themselves.

"We have found that when policies are aligned and rules are predictable, shocks pass through with less damage. The lesson is clear ... resilience comes from common preparedness, not isolation," he said.

He added that this lesson mattered because the next disruption in emerging economies would likely be harder to contain.

He said artificial intelligence (AI) was expected to reorganise labour markets at a pace local institutions would struggle to match.

To overcome this, he said it is vital for governments to start investing in workers, especially the young.

Anwar said this year's G20 summit was being held at a critical juncture of deep economic and geopolitical unease and one cannot help but feel that it was the eve of even greater volatility.

"Globalisation created unprecedented prosperity, but its gains were uneven and the world was slow to adjust,” he said./.

VNA

Source: https://en.vietnamplus.vn/malaysia-weathers-trade-shocks-through-asean-unity-post333147.vnp