KUALA LUMPUR, Nov. 22 (Xinhua) -- Malaysia's resilient economy will enable the country to withstand challenges arising from the current soaring global crude oil prices, Second Finance Minister Nor Mohamed Yakcop said in Putrajaya, the administrative center of Malaysia on Thursday.
The government was not too concerned about the situation because it had already foreseen this happening, he told reporters after presenting prizes to winners of the decoration and beautification of new villages competition held in conjunction with the Merdeka (Independent) celebrations.
Most countries were even ready to live in an environment where petroleum prices are expected to be higher, he said, adding, "We are a net exporter of oil.
"As we keep reminding ourselves, in the long run, hopefully these oil prices do not create a recession or a downturn in the West," he said.
"But even if that happens, to a large extent we are quite resilient because we have diversified our economy away from being unduly dependent on exports, particularly to the West," Malaysian national news agency Bernama quoted him as saying.
Crude oil prices in the U.S. market soared to 99.29 U.S. dollars a barrel on Wednesday. "We are not too worried at the moment regarding the 100 U.S. dollars oil prices," Nor Mohamed said.
The government was not too concerned about the situation because it had already foreseen this happening, he told reporters after presenting prizes to winners of the decoration and beautification of new villages competition held in conjunction with the Merdeka (Independent) celebrations.
Most countries were even ready to live in an environment where petroleum prices are expected to be higher, he said, adding, "We are a net exporter of oil.
"As we keep reminding ourselves, in the long run, hopefully these oil prices do not create a recession or a downturn in the West," he said.
"But even if that happens, to a large extent we are quite resilient because we have diversified our economy away from being unduly dependent on exports, particularly to the West," Malaysian national news agency Bernama quoted him as saying.
Crude oil prices in the U.S. market soared to 99.29 U.S. dollars a barrel on Wednesday. "We are not too worried at the moment regarding the 100 U.S. dollars oil prices," Nor Mohamed said.
