Malaysia taking steps to counter impact of global inflation

MALAYSIA will not be spared from inflationary pressures affecting the global economy, said Deputy Finance Minister Datuk Kong Cho Ha.

The unexpected and rapid rise of global prices of petrol, food and other commodities will slow down the growth of the global economy, resulting in negative impacts on developed and developing nations.

"Malaysia will not be spared from this phenomenon. These circumstances of inflation have created great concern to the public at large," he said at the launch of the Fourth Public and Business Financial Expo 2008 (PBF 2008) in Kuala Lumpur on Saturday.

His opening speech was read by Kok Fook On, deputy president of The National Association of Malaysia Life Insurance Agents (Namlifa).

To help overcome the pressures created by global inflation, the government has implemented a number of economic measures to reduce the public's burden and to curb inflationary pressures.

Kong also called on the private sector to cooperate and coordinate with the government to find the best possible measures to counter the global rising prices of commodity.

"To overcome the pressure under the global inflation rate, the public need financial or investment guidelines to protect their investment and financial goals," he added.

Meanwhile, PBF 2008 organising chairman Amy Seok said the economic situation today, especially inflation issues, with the ever changing investment trends, has caused financial management and investment services to become increasingly sophisticated and challenging.

Themed "Achieving Financial Freedom For A Brighter Tomorrow", the event was aimed at providing an effective platform between the financial institutions and the general public via seminar, panel discussions and exhibitions.

The two-day event was participated by 80 companies and organised by Money Compass magazine.