Penang must not be ‘mere observer’ in face of global economic shocks, says governor

“GEORGE TOWN, May 8 — Penang must be proactive in strengthening its resilience by emphasising energy efficiency, strengthening food security, and ensuring disciplined and visionary fiscal management, the Yang di-Pertua Negeri Tun Ramli Ngah Talib said today. He said prolonged tensions globally, including in the Middle East, have created ripple effects on global market stability, particularly involving energy and supply chains. “In facing these challenging realities, Penang cannot merely remain an observer,” he said in his speech at the opening of the First Meeting of the Fourth Session of the 15th Penang State Legislative Assembly. He said, Malaysia, as a country practising an open economic system, is not exempt from the impact of these global uncertainties. He added that Malaysia’s dependence on the region is significant which included about 61 per cent of oil imports, 30 per cent of liquefied natural gas (LNG) imports, and nearly 40 per cent of crude oil that flows through the Strait of Hormuz, in addition to the need for critical materials such as fertiliser, helium and sulphur. He said the country’s economic fundamentals remain strong and resilient due to the positive and decisive measures taken by the Prime Minister Datuk Seri Anwar Ibrahim. “Based on projections and official data from the Department of Statistics Malaysia’s Gross Domestic Product growth for 2026 is estimated at between four and five per cent, while inflation is expected to remain moderate and well below its long-term average at around 1.5 to 2.5 per cent,” he said. He said he is confident that the federal government will continue to monitor these developments. He said the government will take appropriate measures to ensure the welfare of the people is safeguarded, essential supplies remain secure, and national economic growth continues to be sustained. “More than that, I call upon all assemblymen of this August House to always uphold the delivery of accurate information, exercise prudence, and consistently provide constructive proposals,” he said. He said that in a climate of uncertainty, any statements not based on facts or that are speculative in nature will only create unnecessary anxiety among the people. “We must remind ourselves that inappropriate remarks can bring negative consequences,” he said.

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