Trade War has escalated since 2018.
The US-China Trade War has escalated with US imposing additional tariffs on $550 billion worth of Chinese goods in August 2019, and China letting the Yuan falling below the critical rate of 7 Yuan to a Dollar.
Global manufacturing is experiencing a slowdown.
As of June 2019, global manufacturing numbers fell to the lowest level since 2012, with new orders weakening sharply and business optimism at the lowest level on record.
Economy increasingly reliant on commodities.
The Malaysian economy has become increasingly reliant on commodities, as evidenced by the export contribution of oil and gas growing from only 6% in 1998 to 15.5% in 2018. According to Harvard’s Atlas of Economic Complexity, Malaysia is ranked 28th out of 133 countries, having slipped 2 positions in the past 10 years.