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Malaysians told to prepare for economic repercussions of Iraq war

Gerakan president and Minister Primary Industries Dr Lim Keng Yaik today warned Malaysians to prepare for possible repercussions which could arise from the country's refusal to join the United States-led 'Coalition of the Willing' in waging war o­n Iraq.

The minister said although the impact of Malaysia's stand has not yet been accounted for, Malaysians should take preliminary caution by diversifying and reducing export dependence o­n the United States.

"Spiking oil prices, increasing freight insurance premiums, a decrease in tourism activities, the disruption of supply chains, decreased public and private investment due to uncertainty will all contribute to a slowdown in worldwide economic activity.

Malaysia, with its dependence o­n exports and international trade as well as tourism, will be greatly affected by a long drawn out war," he said.


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