By Murniati Abu Karim
Photos by Izwan Azman
BANGI, 18 April 2026 – Universiti Kebangsaan Malaysia (UKM) through the Institute of Malaysian and International Studies (IKMAS) hosted a joint seminar with the ASEAN+3 Macroeconomic Research Office (AMRO), bringing together policymakers, economists and academics to address emerging regional economic challenges.
UKM Vice-Chancellor, Prof. Dato’ Dr. Sufian Jusoh said the collaboration reflects a shared commitment to advancing regional dialogue while bridging the gap between research and policymaking.
“This is a reflection of both UKM and AMRO’s commitment to regional dialogue, as well as recognition of UKM as a platform for shaping ideas and bridging research and policymaking,” he said.
Highlighting the increasingly complex global landscape, he stressed that traditional economic models are no longer sufficient to explain current realities.
“We are in a very uncertain world at the moment. Economic modelling is no longer just about numbers. It must also take into consideration geopolitical factors, which are highly uncertain and qualitative in nature,” he said.
He noted that disruptions in global supply chains, particularly in energy supply, are reshaping economic assumptions and policy priorities.
“Even if we have the financial resources, we may not necessarily have the energy supply needed. This will directly impact production and the movement of goods within the supply chain.
“With ongoing supply chain challenges, we may have to rethink the fundamentals of economic theory. Countries may need to ensure basic self-sufficiency, including producing essential goods such as food closer to home,” he said.
He also raised concerns over Malaysia’s fuel subsidy burden, which currently stands at approximately RM6 billion per month.
“Such a level of subsidy is not sustainable in the long term. Policymakers will have to make difficult decisions to ensure fiscal stability, even if these decisions carry political implications,” he added.
The seminar featured presentations from two speakers, Allen Ng and Dr. Seung Hyun (Luke) Hong who are Group Head and Lead Economist at AMRO respectively.
They presented comprehensive economic analyses alongside current fiscal considerations. The presentations also covered efforts to maintain macroeconomic stability and strengthen trade and investment integration towards a more connected and resilient ASEAN.
AMRO also shared key findings from the ASEAN+3 Regional Economic Outlook (AREO) 2026, which examines evolving regional dynamics and pathways towards deeper ASEAN integration.
