Prime Minister Anwar Ibrahim warns of global supply chain disruptions from Middle East conflicts, urging Malaysians to spend wisely and save.
BUKIT MERTAJAM: Prime Minister Datuk Seri Anwar Ibrahim has advised the public to adopt prudent spending and thriftiness as a precaution against potential global economic uncertainties.
He stated that while Malaysia’s domestic economic situation remains under control, international geopolitical developments pose a significant external risk.
“I deliberately brought up the international issue as I don’t want us to be complacent,” Anwar said when officiating the Mengkuang Titi Mosque opening today.
He highlighted that the ongoing conflict in the Middle East could severely disrupt global supply chains and drive prices higher.
Anwar explained that global oil prices have surged to nearly twice their previous levels due to tensions involving Iran, the United States and Israel.
He added that restrictions on large vessels in the Strait of Hormuz have affected over 200 tanker ships, significantly increasing logistics costs.
This rise in shipping expenses has subsequently impacted the prices of other essential goods, including food and fertilisers.
The Prime Minister noted that import costs for food and fertilisers from Ukraine, Russia and Europe have also risen sharply.
The government is actively seeking ways to manage the situation and mitigate its effects on the domestic market.
“So, it is my responsibility to remind the public early that we must be prudent, learn to be thrifty and save,” Anwar emphasised.
He expressed the government’s desire to maintain subsidies on essential goods but cautioned about the sustainability of such measures.
Anwar specifically advised against wastefulness during the upcoming fasting period and Hari Raya celebrations.
He urged the public to manage their finances wisely in preparation for a potentially prolonged economic challenge.
The mosque opening ceremony was also attended by Penang Deputy Chief Minister I Datuk Dr Mohamad Abdul Hamid and Minister in the Prime Minister’s Department (Religious Affairs) Dr Zulkifli Hasan.
