KUALA LUMPUR, Nov 28\u00a0(NNN-Bernama) — Malaysia\u2019s economic growth will\u00a0be affected should the\u00a0Palestine-Israel conflict escalate\u00a0further into a conflict\u00a0involving\u00a0Arab countries in the region, the Economy Ministry said.<\/p>\n\n\n\n
If the scale of the conflict widened, it would have a significant impact, especially in terms of rising oil prices and trade supply chain disruption, the ministry said.<\/p>\n\n\n\n
\u201cThis would have a knock-on effect on global inflation and economic growth in general, and Malaysia\u2019s economic growth in particular,\u201d it said in an answer to a senator\u2019s oral question, which was posted on the Parliament website.<\/p>\n\n\n\n
The senator wanted to know the economic implications or effects following Malaysia\u2019s unwavering stance on the Palestine issue. <\/p>\n\n\n\n
The Economy Ministry said that if the conflict were contained to Palestine and Israel, there would not be any direct economic impact on the world in general as the two are not among the world\u2019s top trading nations. <\/p>\n\n\n\n
Citing figures from the United Nations Conference on Trade and Development (Unctad), it said Israel\u2019s Gross Domestic Product was US$394.2 billion, which was equivalent to 0.44 per cent of the global GDP, while Palestine\u2019s GDP stood at US$15.7 billion (0.02 per cent).<\/p>\n\n\n\n
Israel\u2019s total trade amounted to US$180.9 billion, equivalent to 0.4 per cent of world trade, while Palestine\u2019s stood at US$9.5 billion (0.02 per cent).<\/p>\n\n\n\n
The Economy Ministry said Palestine was Malaysia\u2019s 187th largest trade partner with total trade amounting to RM13.7 million in 2022.<\/p>\n\n\n\n
Malaysia\u2019s main exports to Palestine are palm oil and palm oil-based agriculture products, palm oil-based manufactured products and rubber products, while imports include dates, olive oil, and electrical and electronic products.<\/p>\n\n\n\n
Meanwhile, the Economy Ministry said that as a show of humanitarian support for Palestine, there are Malaysian individuals who have chosen to boycott companies said to be linked to Israel.<\/p>\n\n\n\n
\u201cThe boycott does not have a significant effect on the national economy in view that the food and beverage (F&B) subsector\u2019s overall contribution to our GDP is small at 2.4 per cent.<\/p>\n\n\n\n
\u201cNonetheless, the government is aware that the boycott is affecting workers involved in the sector,\u201d it said.<\/p>\n\n\n\n
The ministry said an estimated 50,000 workers are employed by companies linked to the F&B sector boycott.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, Nov 28\u00a0(NNN-Bernama) — Malaysia\u2019s economic growth will\u00a0be affected should the\u00a0Palestine-Israel conflict escalate\u00a0further into a conflict\u00a0involving\u00a0Arab countries in the region, the Economy Ministry said. If the scale of the conflict widened, it would have a significant impact, especially in terms of rising oil prices and trade supply chain disruption, the ministry said. \u201cThis would have a knock-on effect […]<\/p>\n","protected":false},"author":25,"featured_media":142360,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,286,318,291,301],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/246395"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=246395"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/246395\/revisions"}],"predecessor-version":[{"id":246396,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/246395\/revisions\/246396"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/142360"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=246395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=246395"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=246395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}