KUALA LUMPUR: The rise in global oil prices not only puts pressure on oil-importing countries but also impacts oil-producing countries such as Malaysia, says Malaysian Investment Development Authority (Mida) chairman Tengku Datuk Seri Zafrul Abdul Aziz.
He said that although many people assume that oil producers like Malaysia would reap large profits with oil prices rising, the situation is more complex in reality.
According to him, when oil prices rise, there are usually three main effects on the nation's economy.
"First, the prices of goods may increase. When transportation costs rise, the prices of imported goods arriving in Malaysia can also go up.
...
