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Oil and gas woes beset Malaysia's economic revival
With crude demand plunging, KL can't tap Petronas for more funds
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Falling oil and gas prices are a double whammy for Malaysia's economy as the Muhyiddin Yassin administration wrestles with the fallout from the Covid-19 pandemic.
PHOTO: REUTERS
Shannon Teoh Malaysia Bureau Chief In Kuala Lumpur, Shannon Teoh
Falling oil and gas prices are a double whammy for Malaysia's economy as the Muhyiddin Yassin administration wrestles with the fallout from the Covid-19 pandemic.
Unemployment hit a three-decade high of 5 per cent in April. Malaysia posted a trade deficit in the same month for the first time since the 1997 Asian financial crisis, with mining exports (largely made up of crude oil and natural gas) suffering their steepest plunge at 31.5 per cent, far more than the 23.8 per cent overall.
