NSTbusiness: Analysts remain conservative over the country’s economic growth this year, as renewed MiddleEast geopolitical tensions have eclipsed the United States-China tradedeal optimism. US Iran
The escalating troubles led oil prices to rise a further two per cent yesterday, pushing Brent above US$70 a barrel.
RHB Investment Bank Bhd head of Asean economics research Peck Boon Soon said although the trade war between the US and China had come to a halt with the first phase of the long-awaited trade deal set to be signed on Jan 15, the research house was staying conservative on how things would pan out. “That would push up crude oil prices and might have some negative implications on the global economy, including Malaysia’s exports,” he said.
“Instead, this act could set off new conflicts in the Middle East that may have global consequences. Interestingly, we note that some investors are buying call options near US$100 to insure or profit from massive price spikes. They are predicting that Iran will target shipping in the Strait of Hormuz, which is responsible for a fifth of the world’s oil supply flow.”
Wouldn’t the rising crude oil prices spell good news for Malaysia given that the country is a net exporter of oil and gas? Hence, the research house was maintaining its gross domestic product growth forecast at 4.3 per cent compared with 4.5 per cent projected for last year.
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