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Malaysia’s finance chief warns of new challenges affecting global economy

Malaysia’s Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has warned that various new challenges have emerged that affect the prospects of the global economy, which may slip into a recession. Although the world continues to recover from the effects of the COVID-19 pandemic, Tengku Zafrul said the world’s major powers must take responsibility for their policy decisions, especially those impacting the global economy. He cited the continuing US-China geopolitical tensions, the unending war in Ukraine, threats of climate change such as floods and droughts in several countries that have affected food supply, and China’s zero-COVID policy that continues to disrupt global supply chains. These have triggered a surge in the prices of various commodities and basic goods, hence raising inflation rates in most countries to levels not seen in decades.

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