Malaysia beats growth forecasts despite oil price surge above US$100, says Anwar

“KUALA LUMPUR, May 19 — Malaysia’s economic performance has continued to outperform initial forecasts, despite global pressures and rising oil prices, according to Prime Minister Datuk Seri Anwar Ibrahim. He said that economic projections had earlier been based on oil prices of around US$70 (RM278) per barrel, but these have since climbed to above US$100 amid shifting global conditions. “I heard projections indicating improved performance. However, forecasts are often slightly optimistic. “When earlier economic projections were made, oil prices were around US$70 per barrel. They are now above US$100,” he said in his speech during the National Sports Awards 2025 here today. He said that nevertheless, despite the challenging conditions, Malaysia’s economic growth performance for last year and the first quarter of this year had still come in higher than projected. The increase in global oil prices has been driven partly by escalating tensions in the Middle East, including the Iran-Israel conflict, which has intensified since February this year. Ongoing hostilities have contributed to volatility in global energy markets, particularly amid concerns over potential disruptions to key shipping routes such as the Strait of Hormuz.

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