Weak oil price amid Covid-19 pandemic an invitation for Malaysia to reinvent its economy, say experts
A price war triggered by major oil-producing nations just ahead of the Covid-19 pandemic caused the price of oil on the global market to plunge last month. — Picture by Yusof Mat Isa
He said both the country and companies in it will also be forced to embrace the digital economy more rapidly. “But the sixth wave, which is expected to start around 2025, I think it’s already starting, it’s already started now, but full blown, will be round 2025 or maybe even earlier,” he predicted. “Renewable energy is very important to promote, which we have not been doing enough of; we have had many opportunities, and have been talking about it for decades.
He said this was an Indonesian innovation but involved many Malaysian scientists. He said it will greatly extend the productive life of oil palm trees from the current 25 or so years to a level much closer to its current longevity around 90 years. Economist Barjoyai Bardai said Malaysia stood to lose around RM30 billion in potential revenue due to low oil prices, exacerbated by the pandemic. — Reuters picAs for the near term, Universiti Tun Abdul Razak economist Barjoyai Bardai suggested the government re-strategise the administration to cut down on unnecessary expenditures.
Barjoyai said Malaysia’s fiscal deficit would likely balloon as a result, but predicted that Russia and Saudi Arabia would discontinue their price war soon.
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