Nurhisham: Global economic growth could slow to near zero over the next century as rising trade barriers, intensifying geopolitical competition, and supply chain disruptions reshape the global economy, Economic Adviser to the Prime Minister's Office Nurhisham Hussein said. He highlighted the necessity for countries, including Malaysia, to integrate national security considerations into broader economic policymaking to strengthen resilience against external shocks.

According to BERNAMA News Agency, Nurhisham was speaking as a panellist during the session 'The Economy: Development And Cooperation' at the 8th World Conference on Islamic Thought and Civilisation (WCIT), themed 'Everyone Matters: Pride and Unity in Islam'. He emphasized that while Malaysia benefits from strategic geographical advantages and a diversified economy, it still faces significant supply chain dependencies in critical raw materials and food production inputs.

Nurhisham noted Malaysia's heavy reliance on a single foreign source for nearly 100 per cent of its potash supply and 60 per cent of its coal. The country's self-sufficient poultry sector also remains dependent on imported chicken feed from countries like Brazil and Argentina. He stressed the importance of incorporating a national security perspective into economic policy, acknowledging the potential costs and inefficiencies that might result in slower growth.

Nurhisham identified key policy challenges for Malaysia over the next two decades, including strengthening energy and food security, industrial independence, and supply chain resilience, especially as geopolitical competition intensifies.

Meanwhile, former Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz, another panellist, suggested that Islamic finance could play a significant role in supporting resilient economic growth. She argued that the profit-sharing structure, transparency, and disclosure inherent in Islamic finance make it a robust financial intermediation model, capable of cushioning the global economy against financial instability.