The plunge in oil prices that spurred a currency crisis in Russia and endangered Venezuela’s leadership is also roiling markets in Malaysia, a net oil exporter in Southeast Asia. Economists say it’s not time to panic, yet.
For one thing, Malaysia’s oil and gas products account for about 22 percent of its exports, compared with more than 70 percent for Russia’s energy. For another, Prime Minister Najib Razak is buying some fiscal breathing room by abolishing decades-old energy subsidies and introducing a 6 percent goods and services tax in April, according to Nomura Holdings Inc.
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