Dateline 2017-08-09, Bloomberg:
Malaysia is the world’s third-largest exporter of liquefied natural gas and the only net exporter of energy among Asia’s major economies. So it stands to reason that energy prices and output levels hold great sway over the economy, and Malaysia’s currency. Unfortunately for the Southeast Asian nation, oil prices have tumbled and domestic production is close to peaking. That’s hurt the ringgit, which remains stubbornly correlated to oil prices even as Malaysia’s oil-related revenues fall, and pushed the authorities to seek ways to compensate.
1. How big a hit has Malaysia taken?
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