Kuala lumpur: The global energy market has shown signs that it is stabilising, but it needs to be continuously monitored as any new developments can affect energy and production costs, said Economy Minister Akmal Nasrullah Mohd Nasir. He noted that the average Brent crude price had eased by 8.5 percent to US$108.40 per barrel on May 5-8 from US$118.50 per barrel the previous week. However, the level remains significantly higher than the US$68.84 per barrel recorded before the global energy crisis erupted on February 26, 2026.

According to BERNAMA News Agency, from a macroeconomic perspective, Malaysia's economic position remains stable, with the advance estimate for gross domestic product (GDP) in the first quarter of 2026 indicating a growth of 5.3 percent, while headline and core inflation averaged 1.6 percent and 2.1 percent, respectively. These indicate that the nation's economy remains on a positive growth trajectory, with price pressures remaining under control, he said during the Global Supply Crisis Briefing streamed live on the ministry's Facebook page today.

Akmal Nasrullah added that the manufacturing sector had shown a positive momentum with the SandP Global Malaysia Manufacturing Purchasing Managers' Index (PMI) rising to a four-year high of 51.6 in April 2026. Meanwhile, he said that the World Bank viewed the current global economic pressures as multilayered, with rising oil, fertiliser, and food prices having different but interconnected impacts.

He said the assessment indicated that price pressures remain concentrated in key commodities, with spillover effects on production costs and the cost of living. The World Bank outlined four priorities for Malaysia, namely energy security, strengthening fiscal space, managing energy demand, and targeted assistance for impacted households and businesses, he said.

Akmal Nasrullah added that the World Bank's recommendations were also aligned with the government's initiatives, which are currently at various stages of implementation.