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Page added on June 22, 2006
High oil prices remain a major challenge
What would be the issues and challenges facing the world economy this year?
Datuk Seri dr Lim Wee Chai , Executive Chairman and CEO Top Glove Corp Bhd, Malysia:
One of our main concerns is the rising price of crude oil. This has indirectly affected the world economy, as the dependence on crude oil is high.
Crude oil prices affect us directly as the demand for natural rubber increases because tyre manufacturers, which use synthetic rubber (petroleum-based) in their production, will switch to natural rubber to meet their production and raw material supplies. This will cause the price of natural rubber to go up, as demand is higher than supply.
What would be the issues and challenges facing the world economy this year?
Angela Liew, Country Manager Cathay Pacific Airways for Malaysia & Brunei:
The rising cost of oil is of major concern to world economics. With oil prices hovering around US$70 a barrel, there is a real issue of inflation and this has prompted central banks to raise interest rates.
Improving fuel efficiency and looking into investment in the energy sector is more necessary now than ever – it is beyond talking and planning, and time for implementation.
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