KUALA LUMPUR, May 9 — Strong oil and gas and higher commodity prices will bolster the Malaysian government’s balance sheet, leading to more infrastructure investments, which will directly correlate with gross domestic product growth, said Juwai IQI group co-founder and group chief executive officer Kashif Ansari.
“We expect oil prices to remain high as demand is still very strong. This will be good for Malaysia. The International Energy Agency forecasts that global demand for crude oil in 2022 will surpass the levels of the past two years. He also said that palm oil accounts for 6.5 per cent of total exports, with March exports of palm oil and related agriculture products amounting to RM8.52 billion, 56 per cent higher than a year ago. Indonesia’s palm oil export ban will also help Malaysia to further increase its market share.
“We are buoyant about Malaysia’s economic outlook due to the commodities super cycle, which we expect to last at least the next six quarters,” said Kashif.