Malaysia To Study Economy Impact Following Israel, US Attacks On Iran - Economy Minister

By Nur Fadhliana Shaari

JOHOR BAHRU, Feb 28 (Bernama) -- The government will examine the impact on the country’s economy following attacks by Israel and the United States on Iran, said Economy Minister Akmal Nasruallah Mohd Nasir.

The minister said that, from an economic standpoint, there are several key issues to examine, including Malaysia’s direct relationship with Iran and the geopolitical tensions affecting the global economy.

He said it was too early to determine the scale of the disruption to the world’s economic ecosystem, but geopolitical developments cannot be taken lightly.

“Of course, one important angle to be assessed is the production of oil and gas, as Iran is a major regional and global producer.

“In addition, we need to see effects on the global economic supply chain,” he said after the Seorang Sekampit Beras Campaign at the Sri Stulang People’s Housing Project (PPR) here today.

Tensions in the Middle East increased as the US and Israel launched an attack on Saturday, with Israel describing the action as “a preemptive attack” to “remove threats”.

The attack came after the US massively increased its military presence in the region to pressure Tehran regarding its nuclear programme and its crackdown on mass protests.

Akmal, who is also the member of Parliament for Johor Bahru, said Malaysia cannot take any disruption to the world economy lightly and will continue to strengthen domestic economic resilience so that the country is not adversely affected in the event of an international crisis.

Commenting on the possibility of rising global oil and gas prices, he said the matter depended on market mechanisms and the decisions of major oil producers.

“Major manufacturers have certain mechanisms for managing production and price issues. Malaysia is also involved in several mechanisms,” he said.

Earlier today, Prime Minister Datuk Seri Anwar Ibrahim, in a Facebook post, called for an immediate and unconditional cessation of hostilities following the latest Israeli and US attacks against Iran, warning that the escalating tensions could push the Middle East to the brink of catastrophe.

He also described the attack as a “vile attempt” to sabotage ongoing negotiations and to drag other nations into a conflict that could prove impossible to contain.

-- BERNAMA