: The world’s major powers must take responsibility for their policy decisions, especially those impacting the global economy, according to Finance Minister Tengku Datuk Seri Zafrul Abdul AzizHe said although the world continues to recover from the effects of the Covid-19 pandemic, various new challenges have emerged that affect global the prospects of the global economy, which may slip into a recession.
He was responding to various reports, concerns and queries submitted to the Finance Ministry, especially in relation to the ringgit’s value and the nation’s current economic developments. “While this has led to the ringgit depreciating 10.5 per cent year to date, other currencies have also fallen, at an even higher rate, which proves that this is a global phenomenon,” he said.
“The real definition of an economic crisis is when the gross domestic product declines sharply, unemployment and bankruptcy increase significantly, and the overall standard of living is affected while the definition of a financial crisis is when there is a sudden depreciation in the value of some of the financial assets within a short period.
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