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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