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The Global Financial Crisis and AsiaImplications and Challenges$
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Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park

Print publication date: 2012

Print ISBN-13: 9780199660957

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199660957.001.0001

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Malaysia and the Global Crisis: Impact, Response, and Rebalancing Strategies

Malaysia and the Global Crisis: Impact, Response, and Rebalancing Strategies

Chapter:
(p.218) 11 Malaysia and the Global Crisis: Impact, Response, and Rebalancing Strategies
Source:
The Global Financial Crisis and Asia
Author(s):

Shankaran Nambiar

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199660957.003.0011

This chapter argues that Malaysia, being a small open economy with a strong export-dependent manufacturing sector, was particularly vulnerable to the global financial crisis. This chapter discusses the importance of trade to the economy and Malaysiafs reliance on demand generated by developed economies. The chapter analyzes the impact of the current crisis on the Malaysian economy and highlights the need to find new ways of thinking about how the country should re-position itself, since the crisis undermines the assumptions on which the countryfs growth strategy is based. It then suggests that Malaysia adopt a rebalancing strategy in response to the crisis.

Keywords:   Malaysian economy, financial crisis, export dependency, rebalancing strategy, policy response, impact of crisis

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