Zi Liang Wee
Hailing from the island of Penang, Zi Liang studied political economy at the University of Pennsylvania, graduating with a BA in 2014. He went on to earn the Master of Economic Management from Universiti Sains Malaysia. As a proud disciple of Daisaku Ikeda, Zi Liang firmly believes in the critical role of ASEAN and other multilateral organizations in advancing world peace and prosperity.
Philippines to gain from global oil price drop: Oxford Economics
Lower global oil prices would partially offset the adverse impact of the COVID-19 pandemic on the Philippine economy, UK-based Oxford Economics said. “Under the current period of extreme uncertainty, the economic boost from a decline in oil prices will be modest. “Relative to previous oil price collapses, monetary...
Cambodian government earmarks up to $2 billion for COVID-19 economic fallout
Cambodian Prime Minister Hun Sen on Tuesday said the government had set aside between $800 million to $2 billion to cushion the economic blows from the COVID-19 pandemic. “The government allocates funds based on two scenarios of COVID-19. There will be $800 million for a period...
Myanmar businesses call for central bank intervention
Faced with the COVID-19 outbreak and an appreciating currency, the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) has requested the republic’s central bank to intervene. “COVID-19 will adversely impact Myanmar’s economy. At present, tourism has plummeted, and regular exports of fruit to...
Malaysia lowers policy rate by 25bps to 2.50%
The Monetary Policy Committee (MPC) of Bank Negara Malaysia reduced the Overnight Policy Rate (OPR) by 25 basis points to 2.50%. The MPC lowered the ceiling and floor rates of the corridor of the OPR to 2.75% and 2.25%, respectively. “The reduction in the OPR is intended...
5.4% economic growth despite COVID-19: Bank Indonesia
Indonesia’s central bank is confident that the country’s economic growth could still rise to 5.4 percent despite the ongoing COVID-19 outbreak. Recently, Bank Indonesia slashed its economic growth forecast for this year to the range of 5.0 to 5.4 percent from its earlier projection of between 5.1...
Singapore trims 2020 GDP forecast as virus poses recession risk
On Monday, Singapore cut its growth forecast for 2020 as the country struggles with one of the highest numbers of coronavirus cases outside mainland China. The Ministry of Trade and Industry (MTI) expects the Singapore economy to expand by around 0.5% this year. MTI downgraded its...
Malaysia’s Q4 economic growth slowest in a decade
Malaysia’s economy expanded 3.6 percent in the fourth quarter from a year earlier—the slowest pace in a decade. The slowdown is due to the lower output of palm oil, crude oil and natural gas, and a decline in exports amid the Sino-US trade war. The COVID-19 outbreak in...
Southeast Asian central banks roll out anti-virus measures
Four central banks in Southeast Asia signaled aggressive policy action this week to curtail the impact of the new coronavirus. The central banks are from Indonesia, the Philippines, Singapore, and Thailand. The Bank of Thailand (BoT) slashed its benchmark interest rate Wednesday to a historic low of 1%. The BoT’s...
Indonesia takes ‘bold’ steps to guard rupiah from virus
Indonesia’s central bank is taking “bold” steps to protect the nation’s currency and bonds against the economic impact of the novel coronavirus. Bank Indonesia is intervening in the bond, currency, and non-deliverable forwards markets to defend the rupiah. Nanang Hendarsah, the central bank’s executive director for...
Cambodia’s economy to grow 7.1 percent in 2020
Singapore-based ASEAN+3 Macroeconomic Research Office (AMRO) projected robust growth in the Cambodian economy this year despite stronger external headwinds. “Real GDP (gross domestic product) growth is forecast to moderate to a more sustainable rate of 7.1 percent in 2019 and 2020, supported by robust construction activities, strong...
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Thailand welcomes long-term tourists
Thailand on Tuesday has approved the entry of foreign tourists who will agree to undergo a 14-day quarantine. According to a report by the Bangkok...
ADB vows two-fold funding support for Indonesia
The Asian Development Bank (ADB) has committed to double its funding subsidy to Indonesia in a bid to support its economic recovery amid the...
Pilipinas Shell shuts down refinery amid global pandemic
One of the largest fuel producers in the Philippines is shutting down its sole refinery as the coronavirus pandemic continued to take its toll...