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Malaysia and the Global Crisis: Impact, Response, Rebalancing Strategies

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  • Nambiar, Shankaran

    (Asian Development Bank Institute)

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    Abstract

    The economic crisis that began in the United States had an effect on the developed world, including the European Union, Japan, and Singapore. The downturn of the economy in the United States, coupled with developments in the European Union, Japan, and Singapore, has affected the Malaysian economy. This paper argues that Malaysia, being a small open economy with a strong export-dependent manufacturing sector, was particularly vulnerable to the global crisis. The very countries that generate the demand for Malaysian exports have been struck by the crisis, leading to declines in output in Malaysia. These declines have resulted in labor market shocks which have led to retrenchments. The severity of the crisis and its prolonged duration requires an approach that is not unduly dependent on export-led growth. This paper will suggest that Malaysia adopt a rebalancing strategy in response to the current crisis.

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    File URL: http://www.adbi.org/working-paper/2009/08/26/3275.malaysia.gfc.impact.response.rebalancing/
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    Bibliographic Info

    Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 148.

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    Length: 27 pages
    Date of creation: 26 Aug 2009
    Date of revision:
    Handle: RePEc:ris:adbiwp:0148

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    Keywords: malaysia financial crisis; export and labor markets; rebalancing strategy;

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