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Kuala Lumpur: Finance minister Tengku Zafrul Aziz has dismissed claims that Malaysia is in an economic crisis, but cautions that 2023 will be a challenging year for all countries.

Tengku Zafrul told a press conference here that Budget 2023 will need to include measures to mitigate the coming slowdown in the global economy.

“Next year will be challenging. What is happening in the US, China, and Europe will have an impact on the global economy, including Malaysia,” he said.

He noted that some of the effects of the 2008 financial crisis were mitigated by the growth of China’s economy by 8%, but said all major economies were expected to slow down simultaneously next year.

“(The economies of) Europe, the US and China are all expected to slow down in 2023 compared to 2022, but this is, again, just a forecast. It’s only September.”