Survey At A Glance
Business Sentiments Weaken
* The BCI has dropped to 85.9 points
* Business confidence has weakened significantly
* The Expected Index (EI) has improved
* Sales have declined sharply
* Domestic and external orders are down
* Increased Capital investment
For the full report, please contact us at
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Amal Roslan holds a Bachelor of Analytical Economics (Hons) from Multimedia University (MMU) Cyberjaya. With a strong background in economic analysis and research, he brings a data-driven and analytical approach to his work. Having previously interned at MIER, Amal gained valuable experience in applying economic principles to real-world challenges. He is passionate about using research insights to support evidence-based policy formulation and national economic development.
Datuk K. Yogeesvaran served in the Malaysian Administrative and Diplomatic Service for 37 years (1981–2018), primarily in the Economic Planning Unit (EPU), Prime Minister’s Department, where he held senior roles, including Deputy Director General for six years. He played a key role in Malaysia’s macroeconomic management, national development planning, and the formulation of six Malaysia Plans, including mid-term reviews. He also represented Malaysia at the United Nations on Financing for Development and the SDGs, and led the Secretariat of the Special Economic Committee during the 2015–2016 economic challenges.
Following his tenure as Secretary General of the Ministry of Plantation and Commodities, he has continued contributing as a consultant for the World Bank, United Nations, and the EPU, notably for the 12th Malaysia Plan (2021–2025). His recent engagements include serving as a short-term consultant to the World Bank in Fiji (2023–2024) and appointment as an External Member of Bank Negara Malaysia’s Monetary Policy Committee in 2024.
He holds a Master’s in Economics (Distinction) from the University of Manchester and legal qualifications from the University of London.
Current Roles:
Trustee, MySDG Foundation
Non-Executive Independent Director, Eonmetall
External Member, Monetary Policy Committee, Bank Negara Malaysia
Contact at : yogees14@mier.org.my
Dr. Larry C.Y. Wong is a distinguished Malaysian development economist with over 40 years of experience spanning public policy, agro-industrial strategy, and food security. Trained in agricultural economics, he has played a pivotal role in shaping Malaysia’s agrofood transformation—linking policy with practice in both public and private sectors. He served in key national agencies including MARDI and the Economic Planning Unit (EPU), and later as a Senior Fellow at the Institute of Strategic and International Studies (ISIS) Malaysia. His work has been instrumental in modernising Malaysia’s agrofood system, strengthening national food security, and advising on state-level policies like Johor’s Agrofood Policy 2021–2030. Internationally respected, Dr. Wong has consulted for global institutions such as The World Bank, ADB, FAO, and IFC across Asia and Africa. His legacy includes advancing value chain integration, public-private partnerships in agriculture, and regional cooperation to support Malaysia’s long-term economic resilience and inclusive rural development.
Contact at : larry.wcy@mier.org.my
Mohd Khairuddin Md Tahir is a seasoned agricultural economist and policy expert with over four decades of experience advancing Malaysia’s agro-food sector and economic planning. A former Deputy Director General of the Department of Agriculture Malaysia and former CEO of the International Tropical Fruit Network, he has contributed significantly to national agricultural development, international cooperation, and policy formulation—including his role in crafting the National Agro-Food Policy (2011–2020). His extensive work with FAO in Rome and regional development projects under the Prime Minister’s Department further underscores his commitment to sustainable agriculture and rural transformation, making him a valuable asset to Malaysia’s economic progress.
Contact at : khair.ta@mier.org.my
Azizul Amiludin is an expert in macroeconomics, financial and monetary economics, banking, investment, and risk management. He currently serves as a visiting expert and lecturer at institutions such as INTAN, University of Malaya, and UNIKL, where he teaches topics related to financial markets and public policy. Previously, he led institutional business at BIMB-Arabesque Asset Management and contributed as a country risk expert for Euromoney. He co-founded DM-Analytics, focusing on economic research for policy impact. Azizul also held various senior roles at Bank Negara Malaysia (BNM), including Head of Treasury Risk Management and Chief Representative in London, where he managed investments and represented BNM in international forums. Earlier in his career, he worked in IT and policy consulting with the United Nations and MIT. He writes regularly for Twentytwo13 on economics and finance. Azizul holds degrees from Brown University (ScB in Mechanical Engineering), University of Malaya (Master’s in Economics), and University of Westminster (LLM in Corporate Finance Law).
Contact at : azizul.amiludin@mier.org.my
Dr. Zulkiply Omar is an experienced economist with a background in teaching, research, and policy work. He holds a Diploma in Agriculture from Universiti Pertanian Malaysia and completed his Bachelor’s, Master’s, and PhD in Agribusiness Economics and Economics at Southern Illinois University, USA. He also attended the Harvard Kennedy School for a leadership course in 2018. Over the years, he has worked in various roles including Senior Fellow at the Social Wellbeing Research Centre (SWRC), Managing Partner at Econsult Economic Consulting, and Non-Resident Senior Fellow at the Malaysian Institute of Economic Research (MIER). He has served as CEO, Deputy Vice Chancellor, Deputy Rector, and Academic Dean at different educational institutions. Dr. Zulkiply has taught at many universities and has led research and consultancy projects on macroeconomics, state development, industry analysis, and social protection in Malaysia and internationally. He writes regularly for newspapers and is the Chief Editor of the SWRC Bulletin. He is also active in public speaking and training on topics such as social protection, labor markets, and economic policy.
Contact at : dzulomar@mier.org.my
Dr. Nur Surayya Mohd Saudi is a Senior Lecturer and Head of the Master’s Program in Defence Studies and Management at the National Defence University of Malaysia (NDUM). She specializes in Defence Economics, Resource Economics, Environmental Economics, and Financial Economics. Before joining NDUM, she worked as a Financial Analyst at Maybank, RHB Bank, and CIMB Bank from 2006 to 2017. She earned her PhD from the University of Malaysia Sabah in 2019 and received the Best PhD Student award in Social Sciences. At NDUM, she has held key roles including Director of Corporate Communications and Director of Lifelong Learning, and currently serves as a financial and investment advisor for NDUM Holdings. She also leads the Economics Module at the National Resilience College. In 2022, she completed a course at the Asia-Pacific Centre for Security Studies (APCSS) in Hawaii, where she became the first Seminar Leader from Malaysia and the Asia Pacific. Sponsored by the U.S. Department of Defence, she returned to APCSS in 2024 as a Defence Economics expert. Her research focuses on military spending and climate change, and she recently secured a grant for a project on the national defence industry. Dr. Nur Surayya has published widely in academic journals, serves on editorial boards, and is active as a keynote speaker. She was recently appointed Economic Advisor to the MADANI Entrepreneur Consortium and is a member of the Executive Board of the Malaysian Economic Association.
Contact at : nursurayya@mier.org.my
Dr. Khalid Abdul Hamid holds a PhD in Economic Development from Universiti Putra Malaysia (UPM), a Master’s Degree in Economic Development from Vanderbilt University, USA, and a Bachelor’s Degree in Applied Economics from Universiti Malaya (UM). He previously served as Director of the Services Industry Division at the Economic Planning Unit (EPU), Prime Minister’s Department, and Head of the Policy and Research Division at Institut Masa Depan Malaysia (MASA). He led the preparation of policy papers, reports, and documentation for the economic, finance, and social sectors, including contributions to the 12th Malaysia Plan (RMK-12) and economic reports for the 2015 and 2016 National Budgets. In 2011, he presented his study on Energy Market Integration (EMI) in Southeast Asia at the ASEAN Summit in Brunei and Jakarta, and in 2012, he presented his research on rising energy rates in the food industry at the ASEAN Ministers’ Meeting (AMM), which was published in the Economic Research Institute for ASEAN and East Asia (ERIA) Journal.
Contact at : khalid@mier.org.my
A Finance graduate from Universiti Teknologi MARA (UiTM) in 1994, Dato Sri Dr. Muhammad Abdullah Bin Haji Zaidel attained a PhD in Finance at University Malaysia Sarawak (UNIMAS) in 2014. He is also a Harvard Business School (HBS) Alumni. He is now the Deputy State Secretary Sarawak (Economic Planning and Development). Prior to the appointment, he was a senior Finance lecturer at Faculty of Economic and Business, Universiti Malaysia Sarawak (UNIMAS) and subsequently appointed as Special Administrative Officer to the Right Honourable Premier of Sarawak in charge of Project Strategy and Coordination. The role is specifically responsible for initiating, implementing and coordination of high impact economic development project for Sarawak. He was then promoted to the position of Director, Economic Planning Unit Sarawak from 2019 to 2022.
Mageswari is our receptionist at MIER. She has served here for 29 years.
Mohamad Azlizal has been with MIER since 2019 and has been contributing diligently in the field of maintenance and IT.
Isnani is currently the Information Officer for Malaysian Institute of Economic Research. She has been in MIER for 21 years and has contributed in the administration area significantly.
Sarimah is currently the Administration and Finance Division Officer for Malaysian Institute of Economic Research. She has been in MIER since 1996 and have greatly contributed in managing MIER’s welfare.
Siti Syamila is currently a research officer at the Malaysian Institute of Economic Research. She holds a degree in Bachelor of Statistics from Universiti Institut Teknologi MARA (UiTM) and is skilled in data mining and logging for Input-Output analysis. She has conducted many strategic development studies for MIER’s many clients over the years.
Dr Shaufique F. Sidique is a Professor of Agricultural Economics at Universiti Putra Malaysia (UPM) and Director of its Institute of Plantation Studies. His research interests are mainly in agriculture policy, food security and resource economics. His previous research is on smallholder livelihoods in palm farming, the valuation of artificial reefs and marine protected areas in Malaysia, and the welfare of rural artisanal fishing households. He has served as a consultant and trainer to private companies and government agencies, including the Economic Planning Unit for Selangor, the Department of Fisheries, the Malaysian Palm Oil Council, the Economic Planning Unit, the Prime Minister’s Department and the Ministry of Science, Technology and Innovation. Professor Shaufique holds a PhD in agricultural economics from Michigan State University. He received his bachelor’s degree in accounting from Cardiff University.
Dato’ Sri Subromaniam Tholasy, with a distinguished 35-year career, retired as Director General of The Royal Malaysian Customs in 2019. He later chaired the Customs Oversight Committee until April 2020 at the Ministry of Finance. He held various key roles, including ASEAN Customs Enforcement and Compliance Committee Chair, and led the successful GST implementation in Malaysia. With expertise in Customs Enforcement, Valuation, and more, he now advises entities like Sunway Group and Institute for Development of Economics and Finance (INDEF), Indonesia. Dato’ Sri Subromaniam holds a Bachelor’s degree in Nuclear Science, an MBA from University of New Hampshire, and an Executive Leadership certificate from University of Oxford’s Said Business School.
With over 40 years of extensive experience, Dr. Veerinderjeet Singh is a renowned Malaysian expert in accountancy and taxation. His journey spans key roles at Price Waterhouse Tax Services, University of Malaya, Arthur Andersen, and Ernst & Young. Dr. Singh’s influential publications have contributed to the field’s understanding. He has held leadership positions in prestigious bodies like the Malaysian Institute of Accountants (MIA), the Malaysian Institute of Certified Public Accountants (MICPA), and the Chartered Tax Institute of Malaysia (CTIM). His international engagements include the International Fiscal Association (IFA) and Taxand Global. Dr. Singh is an influential presence on boards such as Malaysian Rating Corporation Berhad, AmBank (M) Berhad, and UMW Holdings Berhad, where he chairs audit committees. His impact extends to Tricor Malaysia, Monash University, Malaysia, and the Monash Business School Industry Advisory Board, showcasing his diverse contributions across sectors.
Muhammad Afiq Abdullah is an accomplished professional with a strong academic foundation, including a PGDip in Strategy and Innovation for Business from the University of Oxford, a Master’s in Economics and Business Strategy from Imperial College London, and a Bachelor’s in Financial Engineering & Investment. His extensive work experience encompasses leadership roles in corporate strategy, business development, and project management, including positions at Bursa Malaysia Berhad, PLUS Malaysia Berhad Group, and Great Eastern Malaysia Berhad. Afiq has a track record of spearheading strategic initiatives, fostering synergistic partnerships, and driving revenue growth. He has also undertaken key consulting roles, contributing to national transformation efforts and economic development. His achievements include speaking at conferences, ranking in investment challenges, and holding various professional certifications from renowned institutions. Overall, Afiq’s diverse skill set and proven leadership make him a valuable asset in the fields of strategy, innovation, and business development.
Maas has been in MIER for 26 years. He served as a dispatcher before being assigned as the chaffeur. A veteran football player and used to play for Satria Jaya FC.
Tan Sri Effendi is currently the Chairman of Enspire Ventures, an investment holding company involved in food production, higher education, property development, construction and media. Tan Sri Effendi was the Federal Minister of Agriculture Malaysia (1999-2004) during which time he initiated the modernization and commercialization of agriculture. His last post in Cabinet was the Minister in the Prime Minister’s Department in charge of Economic Planning Unit (EPU) (2006-2008). Effendi also served as a state assemblyman (ADUN) in Sarawak for nine years (between 1991 to 1999). He was a member of Federal Parliament from 1999 to 2004 and later a Senator in the Upper House of Parliament (2006 to 2011). He retired from politics in 2011.
Tan Sri Effendi was most recently the Executive Chairman of Encorp Berhad, a property development company he founded in 1995 and listed on the main board of the KLSE in February 2003, which he recently divested. In media Tan Sri Effendi had collaborated with Bloomberg L.P and was Chairman of Bloomberg TV Malaysia (2014 – 2016). He also founded ntv7 in 1998, the private free-to-air TV channel that he has since divested. Tan Sri Effendi was Executive Chairman of Sarawak Economic Development Corporation (SEDC), which he led for 15 years (1981-1995). He was the Chairman of Bank Utama (now part of RHB Banking Group) between 1990 and 1995 during which time he led its turnaround into one of the major banks in Malaysia then. Tan Sri Effendi attended the prestigious Malay College Kuala Kangsar from 1961 to 1967. Effendi holds a Bachelor of Arts (Hons) degree majoring in Development Administration from the University of Tasmania. He was also conferred an Honorary Degree of the Doctor of Law from the same university in October 2000. He was made Adjunct Professor under the Faculty of Business at the University of Tasmania in November 2008. In September 2013, Swinburne University appointed Effendi as Adjunct Professor within the Faculty of Business and Design in recognition of his well-established success in Business and Property Development. In October 2017, Universiti Kebangsaan Malaysia (Malaysian National University) awarded him Honorary Doctorate Degree (Public and Corporate Leadership) in appreciation for his services to the development of education in the region, particularly in the area of public and corporate leadership.
Tan Sri Dr. Sulaiman Mahbob was once a career civil servant in the Malaysian Government and his last designation was the Director‐General of Economic Planning Unit (EPU 2006 – 2009) of the Prime Minister’s Dept. During his service, he had also served in the Ministry of Finance (Economics and Budget Divisions) and the Ministry of Domestic Trade & Consumer Affairs. Currently, Sulaiman serves as a member of the Board of Directors Institute of Strategic and International Studies (ISIS) and Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN). He was also a Member of the Competition Appeal Tribunal between 2014 and 2017. Sulaiman had also been the Chairman of Malaysia Investment Development Authority (2010 – 2012) and was a board member of Perbadanan Insurance Deposit Malaysia (PIDM) and Malaysian Communications and Multimedia Commission (MCMC) for several years. He is also an Adjunct Professor at University of Malaya (INPUMA) and University Tun Razak (UNIRAZAK) where he teaches Economics and Public Policy. Dr. Sulaiman studied economics at University of Malaya and then at the University of London, and finished his PhD at Maxwell School, Syracuse University, USA. He was the President of Malaysian Economic Association throughout 2015 ‐ 2018. Dr. Sulaiman frequently contributes articles on Economic Policy, Public Finance and Development to the local press, in particular New Straits Times (NST). He has also given lectures abroad on Malaysian Economy and Public Policy, specifically in Australia, New Zealand, Japan, South Korea, Pakistan and Sudan.
He has served as a Board member of the Malaysian Productivity Corporation, Malaysian Industrial Development Authority and Bank Negara Malaysia. He was also a Member of the National Economic Consultative Council (MAPEN I and II), the Malaysian Communications and Multimedia Commission and a member of the Advisory Board of the Malaysian Anti-Corruption Commission. He was appointed as Co-Chair of PEMUDAH the “Special Task Force to Facilitate Business” together with the Chief Secretary of Malaysia from 2007 to 2013. In 2013, he was appointed as member of the Economic Council of the Prime Minister’s office. He is currently the Chairman of Royal Selangor International Sdn. Bhd. and GS1 Malaysia Berhad. He is a director of TAHPS Group Berhad, and RAM Holdings Berhad. He is also a Fellow of the Academy of Sciences and the Malaysian Institute of Management. Tan Sri was previously the President of the Federation of Malaysian Manufacturers (“FMM”).
Dato’ Dr M Shanmughalingam, MD/CEO, Trilogic Sdn Bhd. Helped list 6 companies, Main Board, Bursa Malaysia. Ex-Dir, Delloyd Ventures Bhd, Mamee Double Decker (M) Bhd, PBA Holdings Bhd, listed on Main Board, CIMB (L) Ltd, CIMB Discount House Bhd, CIMB Securities Sdn Bhd, Hextar Holdings Bhd, EON, MIDF Aberdeen Asset Management Sdn Bhd, Exec C’tee, MIMB, (subsid, MIDF, assoc. Barclays Bank Group, UK), PTD Alumni Assoc, Board, VIOBA Foundn, Selectors Board, Rhodes Scholarship to Oxford Univ.. MD Sri Inderajaya Sdn Bhd (1992 – 96), GM, PETRONAS (1979 – 91), Dep. Sec. (Econ) the Treasury, Min of Finance (1962 – 78). Fellow, Econ. Dev Inst. World Bank.On invitation by Harvard Univ, helped design new Exec. Program for Leaders in Dev: Managing Economic and Political Reform developed jointly by Kennedy School of Govt and Harvard Inst for International Dev, Harvard Univ, Cambridge, Mass, USA. Honours (Econ), Univ. Malaya, Masters, Harvard and DPhil, Oxford universities. At Harvard, first with 8 A’s and admitted to Ph.D. programme without formal application. At Oxford (Balliol college) won 3 prizes. Chapter on Malaysia, Laswell, (Yale) Lerner (MIT) and Montgomery (Harvard) ed. Values and Development: Appraising Asian Experience, MIT Press. Quoted in TIME Magazine cover story on Tun Dr Mahathir, then Prime Minister, Malaysia Dec 9 1996. Stories and poems in 37 national and international anthologies and broadcasts. Producers from Australia and New Zealand offered to make movies of his short stories. Published with 3 Nobel prize-winners in London, UK. Latest publication Marriage and Mutton Curry, Malaysian bestseller with international prize winning short stories, audiobook, Storytel Europe. Royal book launch by HRH Nazrin Shah, Sultan Perak state and Deputy King.
Tan Sri Dato’ A. Ghani Othman is currently the Chairman of Sime Darby Plantation Berhad. He is also a member of the Board of Trustees of the World Islamic Economic Forum (WIEF) Foundation. Tan Sri A. Ghani holds a Bachelor’s degree in Economics (Honours) from the La Trobe University in Melbourne, Australia and a Master’s degree in Political Economy from the University of Queensland, Australia. He began his career in 1974 as a lecturer at the Faculty of Economics, University of Malaya and later served as the Dean for the Faculty of Economics and Administration, University of Malaya from 1980 to 1984.Tan Sri A. Ghani was appointed as a Member of the Senate in December 1984 and subsequently elected as a Member of Parliament for Ledang in August 1986. He was later appointed the Deputy Minister of Energy, Telecommunications and Post, and thereafter became the Deputy Minister of Finance in 1990. In December 1993, he was appointed the Minister of Youth and Sports and served in that capacity until March 1995. Tan Sri A. Ghani has served as the Chief Minister of Johor from March 1995 to May 2013. He was also the Chairman of the Board of Directors of Johor Corporation, Sime Darby Berhad and Sime Darby Property Berhad.
