Malaysia will be an integral part of an Asian-led global economic recovery, editor-in-chief of influential financial publication Forbes Magazine Steve Forbes said yesterday.
He added that the country's economic recovery was on track.
"At this point in time, we believe it is going to be a quite a steady path, as to when that path is going to begin, we have said it many times before, it's going to be the fourth quarter of 2009," Mustapa said.
Elaborating on the global financial crisis, Forbes said US policymakers must adopt a policy for a strong and stable US dollar, as it is a key component to ensure a speedier recovery of its economy.
"The reason for the crisis is financial, the basic cause is our central bank or US Federal Reserve Board printing too much money, keeping interest rates artificially low, that created the bubble in the housing and other parts of the US economy," Forbes said.
He said the world was now on the path of recovery but the US still has not adopted the policy for a strong and stable dollar. He pointed out that this will hurt the recovery in the US because it is going to hurt investments. "Nonetheless, in the coming months, I believe the Federal Reserve will reverse course and that the US will be able to get back on a path of good recovery sometime in 2010," he said.
The Forbes Global CEO Conference will end tomorrow. It features speakers like Wal-Mart Stores chairman S. Robson Walton, former BMW AG chairman Dr Helmut Panke, Christie's International chief executive officer Edward Dolman, Bank Negara Malaysia governor Tan Sri Zeti Akhtar Aziz, YTL Corp managing director Tan Sri Francis Yeoh and AirAsia group chief executive officer Datuk Seri Tony Fernandes.
"It is critically situated, it has strategic plans for high technology, as well as for traditional commodities. Therefore, it is well poised to move ahead in the years ahead," Forbes said.
Forbes is in town with a group of other global captains of industries for the Forbes Global CEO conference, which started yesterday.
"In terms of recovery, Asia will be leading it. US and Europe will be lagging the Asian region," he said.
Minister of International Trade and Industry Datuk Mustapa Mohamed, who was at yesterday's briefing, said the government was looking at liberalising other components of the services sector to attract more investments and improve some of its processes in order to encourage more business
He added that the country's economic recovery was on track.
"At this point in time, we believe it is going to be a quite a steady path, as to when that path is going to begin, we have said it many times before, it's going to be the fourth quarter of 2009," Mustapa said.
Elaborating on the global financial crisis, Forbes said US policymakers must adopt a policy for a strong and stable US dollar, as it is a key component to ensure a speedier recovery of its economy.
"The reason for the crisis is financial, the basic cause is our central bank or US Federal Reserve Board printing too much money, keeping interest rates artificially low, that created the bubble in the housing and other parts of the US economy," Forbes said.
He said the world was now on the path of recovery but the US still has not adopted the policy for a strong and stable dollar. He pointed out that this will hurt the recovery in the US because it is going to hurt investments. "Nonetheless, in the coming months, I believe the Federal Reserve will reverse course and that the US will be able to get back on a path of good recovery sometime in 2010," he said.
The Forbes Global CEO Conference will end tomorrow. It features speakers like Wal-Mart Stores chairman S. Robson Walton, former BMW AG chairman Dr Helmut Panke, Christie's International chief executive officer Edward Dolman, Bank Negara Malaysia governor Tan Sri Zeti Akhtar Aziz, YTL Corp managing director Tan Sri Francis Yeoh and AirAsia group chief executive officer Datuk Seri Tony Fernandes.
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