- 3 months ago
From trade restrictions to a crisis in multilateralism, this episode looks at key shifts defining the global economy in 2025. Nailah Huda is joined by Prof Dr Rajah Rasiah and Dr Juita Mohamad to discuss the trends and patterns that could provide key insights into the state of the global economy in the coming year.
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00:00This is Awani Global with me, Nala Huda.
00:09And this month, we dive into key events defining the year 2025 and what we can expect in the coming year.
00:16And in this week's episode, we take a close look at key shifts in the global economy,
00:20from trade policies and restrictions to a crisis in multilateralism and growing uncertainty.
00:26And we want to understand whether these big trends and patterns could potentially spell the fate for the global economy in the year 2026
00:35and how countries can enhance resilience in the face of uncertainty.
00:40And joining us at this hour to unpack some of these key questions,
00:43we have joining us online, Professor Dr. Raja Rasya,
00:46Distinguished Professor of Economics at the Asia-Europe Institute of University Malaya.
00:50And joining us in the studio, we have Dr. Juhita Muhammad,
00:53Senior Lecturer at the Department of Economics, University Malaya,
00:56and Consultant for the United Nations Development Programme, UNDP.
00:59Thank you so much, Prof. and Dr. Juhita, for joining us.
01:02Perhaps I'd like to start with Prof. Raja.
01:05If you could perhaps shortlist, narrow down to perhaps two, three key events or shifts
01:12defining the global economy in the past year, in 2025, Prof.
01:16The first, obviously, the world has been facing something they never expected, say, 10 years
01:23ago, which is the scamming tactics of President Donald Trump in what we refer to as the tariff
01:32trigger, which goes against the normal norm that we have in relation to how the trade has
01:39been promoted over the last several decades.
01:41Obviously, it has created chaos.
01:43For the first time, it has also led to economies being united, whether they are free market
01:51apostles or whether they are those who believe in some sort of state intervention.
01:55They are all together to say that such tariffs will be counterproductive for the U.S.
01:59And it will only reduce global trade in terms of real value in relation to what the norm
02:08will be with the growth in population.
02:10And that actually means that we'll be working in an environment of smaller markets.
02:17And therefore, it presents us with another big problem that the world just came out from.
02:24We already came out from the COVID-19 pandemic, and now we have a double whammy with this attempt
02:30by the United States to go back on normal trade rules that the World Trade Organization has always promoted.
02:40Dr. Jirita, do you agree or perhaps do you have another list of some of the key shifts that's defined this past year?
02:46I agree with Professor Raja Rasya.
02:51It is a new world order where we see trade policies being weaponized for political gains.
03:03And this is something that is moving away from the WTO agreements and WTO arrangements.
03:11But putting that aside, I think I would like to highlight as well, looking at these uncertainties,
03:21looking at geopolitical tension, trade tension, wars, genocide even.
03:29It was predicted that global GDP growth for this year will slow down and for next year to go even slower than this year.
03:39But then looking at publications from September of this year, we, as the global community,
03:50growth has actually been quite resilient.
03:53And for the first half of this year, we did see that global economic growth were recorded at 3.2%.
04:02So because of this resilience and because of how I will come back to the trade numbers later on,
04:08it seems that even with the increase of tariffs in some parts of the world,
04:18we do see that trade growth has been quite promising.
04:22And because of this as well, the projected growth for next year will be even higher than this year.
04:28So again, we do see that the global economic environment is very dynamic.
04:37It can change from one quarter to the next.
04:40So it has made me a bit hopeful about the global growth, the global economic growth from next year onwards.
04:52Prof, what do you make of this?
04:53Despite these steep ups and downs, we are seeing that the global economic activity has remained somewhat resilient.
05:01How would you describe the overall economic growth this year?
05:04What do you make of this resilience?
05:06I think, well, I'm not sure whether I would share that position as such.
05:11If you look at what Jerome Powell is saying, the Fed Chief,
05:15because the U.S. always fears getting a recession, which actually means that you have two consecutive quarters of contraction in GDP,
05:25which is why they often, when such a development is imminent,
05:29they'll tend to raise interest rates to stimulate savings.
05:32So you reduce the velocity of circulation in the market, and therefore you will cap inflation that way.
05:38The preferred interest rate side goes for it's 2%, and at the moment it's touching quite close to 3%,
05:46and you also have somewhat of a position that often economists are saying the U.S. is into a likely recession,
05:56which is why, on the one hand, President Trump is telling him to actually lower interest rates to stimulate investment.
06:05But the consequence of that may actually mean that you will have inflation.
06:10And that's why Jerome Powell has been warning that the potential for a stagflation taking place,
06:17a situation where unemployment rises at the same time inflation rises,
06:22you will have both occurring at the same time.
06:24And the Phillips curve would be broken at that time.
06:27So that's the warning.
06:28But of course, some economies remain resilient.
06:31Malaysia, yes.
06:32In fact, our trade surplus hasn't really gone down as such.
06:36And we keep our interest rates relatively low,
06:38in the sense that our overnight rate OPR is 2.75, which is relatively low.
06:44In the case of the U.S., I think it's 3.75 now.
06:47In that sense, to some extent, Jerome Powell has actually lowered that from the peak of 5.5% a year ago.
06:55Now, what I would say is, well, we can be quietly optimistic as far as Malaysia is concerned,
07:02because we have had relatively good growth.
07:06And at the same time, this time around, our ringgit has appreciated in relation to the U.S. dollar,
07:12and also against Singapore currency.
07:14In fact, we have done fairly well compared to most other East Asian currencies,
07:17simply because I would say, in as much as when the ringgit was falling,
07:23people were blaming the prime minister.
07:26I don't think he was responsible for it.
07:28And I would say the same thing now.
07:30It's appreciating.
07:31Also, I don't think it's to do with the prime minister as such.
07:33Now, it's the nature of trade that we have.
07:36The exports, for example, we are in a resilient component of trade,
07:42which is electronics, a lot of it.
07:44And it goes to the U.S.
07:46And it doesn't face any tariffs as such for that one,
07:48even though we've been criticizing the deal that Tunku Zafro advised our prime minister
07:55to sign, President Donald Trump.
07:58Those avenues are there.
07:59In other words, even if we are not signed,
08:01because most of the companies exporting from here are from the U.S.,
08:04and therefore, it doesn't really draw that much of implications.
08:10As far as in terms of the overall balance of payments,
08:13you are looking at remittances after that,
08:14not just that we have a surplus,
08:16but after the repatriation of profits and so on,
08:19you wouldn't really, this is what we call invisible trade,
08:23it doesn't really show up so much.
08:25So my own feeling is,
08:27unless tensions,
08:29geopolitical tensions go down,
08:32which is also likely,
08:33because countries might suddenly realize,
08:35in fact,
08:35a group of businessmen,
08:39the smaller guys,
08:40who are criticizing Donald Trump,
08:42because they are actually suffering in the U.S.
08:44So it might lead to consequences that may,
08:47again,
08:48because trade and investments are not something you see in static terms.
08:53You might see in dynamic terms,
08:55you will have reciprocation,
08:56you will have all sorts of things happening,
08:57and you may not be surprised if suddenly President Xi Jinping and President Trump sit together and say,
09:04guys,
09:05we shall end it.
09:07And therefore,
09:07my own impressions are,
09:09it's difficult to predict for next year,
09:11but the trends seem to show that it may not be as rosy.
09:15If we see what the big actors are doing,
09:19and including the EU,
09:20the EU remains in a very strong position against Russia,
09:24for example,
09:25not so much Donald Trump's United States,
09:29because they are looking for peace,
09:31they are looking for some sort of an arrangement to end the Ukraine-Russian war.
09:36Likewise,
09:37he's also looking at similar things,
09:39and in fact,
09:40Marco Rubio has called a tithe to stop the border war that's going on now,
09:45bombing here and there.
09:46So I just hope,
09:48and as much as Professor Juita mentioned just now,
09:52this is hopeful.
09:53I'm also hopeful that who wants war?
09:56We like to see peace,
09:57we like to see prosperity.
09:59Yeah.
10:00It's great to hear this sort of optimism,
10:03but I do want to shift gears a little bit.
10:04As you said,
10:05you're quite hopeful or optimistic about the coming year,
10:09but what do you think,
10:09Dr. Juita,
10:10are some of the key opportunities or potentially risks that we should look out for in 2026?
10:15I mean,
10:16some of the shifts,
10:17some of the concerns that we're seeing this year with financial instability,
10:21tariffs and slowing demand,
10:24do you think that these are some of the risks that we'll see prolonging,
10:28continuing in 2026?
10:29Well,
10:29if I can circle back to trade,
10:34we're not out of the woods yet from the art agreement.
10:38We still have to ratify the agreement.
10:42And if I'm not mistaken,
10:44we have 90 days to do so after signing.
10:47So for now,
10:49on how it's going to be implemented,
10:53it's still a bit murky.
10:55So again,
10:56those to me are some of the downside risks that exporters and even policymakers might be looking into.
11:06And the other downside risks would include the slowing down of the two giant economies,
11:14China and also the U.S.
11:18Another downside risk that I do see is from the introduction of CBAM.
11:23So from,
11:25if I'm not mistaken,
11:252023 to 2025,
11:27there was a transition period for importers to have their instruments be aligned with the CBAM mechanism.
11:38But 2026,
11:40which is next year,
11:41is when it's going to be implemented.
11:44So again,
11:44those exporters from Malaysia who are going to be exporting their products into the EU,
11:53then they will need to adjust or align their tools and instruments for the carbon border adjustment mechanism.
12:08And also on the other downside is the continuous war and genocide.
12:16So this will definitely impact global stability
12:20and also supply chain reconfiguration in the immediate term.
12:28But I do see upside risks,
12:30but I'm not all that optimistic about these upside risks,
12:36because there are downside risks from these opportunities.
12:40So again,
12:41we do see that investments into AI will grow,
12:45and I don't see this as a fad or a bubble.
12:51It's going to be here for the long term.
12:56I do see this sector growing.
12:58And with this,
12:59there's demand for data centers.
13:04So Malaysia is also in talks with other countries,
13:07including the US on how to cooperate on rare earth trade as well.
13:16And this comes with risks.
13:19When we think about the energy divide and also the pollution of the rural communities,
13:27and this is the work that I do with the UNDP on green resilience,
13:33we do see that trade, unfortunately,
13:38is not felt or the benefits of trade are not trickled down to these rural communities.
13:45So I think it's very important for us to ensure that whatever investments that we attract
13:54do give a positive impact to the vulnerable households and vulnerable groups.
14:05Prof, you mentioned that you are trying to be quite hopeful about the coming year.
14:10And as you said,
14:10maybe geopolitical tensions might ease a little bit
14:13when businessmen realize it's not good for business.
14:16But what do you think are some of the other key opportunities or risks
14:19that we should look out for in the coming year?
14:22Starting from the side of risks,
14:25I think one thing,
14:27and this is really something that President Donald Trump,
14:31the first time and the second time now has done,
14:34is to rework America's participation in the Paris Agreement,
14:40which has to do with what the UN Convention for Climate Change is up to.
14:45And one of the things I noticed is,
14:47unlike what Nancy Pelosi took before,
14:49you have a situation where he neither supports the idea of promoting biodiversity.
14:56In fact,
14:56we look at how the US Embassy here has organized itself in terms of the grants and so on it's giving,
15:02that's out of it.
15:03And including is actually called for the reopening of coal mines in the Appalachians.
15:10So on that front,
15:12the EU is very strong on that.
15:15But again,
15:15you have to also recognize that there are other problems that have arisen,
15:21simply because,
15:22one of which is Indonesia successfully won its quarrel with the EU for unilaterally,
15:29deciding that it will not import any more coal from anywhere.
15:34And that actually,
15:36having lost that,
15:37it has some implications.
15:39Because the EU,
15:40unlike the ASEAN that we have,
15:43it's a body that collectively acts.
15:45It's not a situation where we just see,
15:47you know,
15:48some sort of agreement we have,
15:50we don't intervene in their personal affairs,
15:52and therefore,
15:53business as usual can go on.
15:55So the EU acts as a collective body in that sense.
15:58So I'm not sure how the reactions will be there in relation to the RESAP,
16:02which is evolving further and further to the extent of ensuring that markets remain open.
16:09And that's what some of the downside risks I'm talking about.
16:13And also the fact that,
16:15in particular Germany,
16:18in the case of the UK,
16:21I mean,
16:21Ukraine-Russia war,
16:24you have a situation where Trump is really emboldened with the notion that they should stop the war,
16:29telling Zelensky that he has to accept some sort of compromises in order to have that peace taking place.
16:36But the EU is against that.
16:37And at the same time,
16:39you have a situation where the central bank chief in Brussels,
16:46Christine Lagarde,
16:47has actually called for alternative payments,
16:49no longer relying on all these American payment systems,
16:53and telling the EU that they must have autonomy.
16:57Unlike in the past,
16:58where they worked on the framework of NATO,
17:00where they were working together,
17:01especially the former prime minister of Denmark,
17:05Rasmussen,
17:06he called the US as the policeman of the world,
17:09that they should support for global peace.
17:11I think that's increasingly cracking.
17:14So that is no longer the case.
17:16And also,
17:17BRICS should not be seen as a body,
17:19like, say,
17:20NATO,
17:21where you get into one side of it.
17:22BRICS is an alternative that's emerging,
17:25and it started in many ways,
17:27ideologically,
17:29when Sukarno called for the Bandung meeting,
17:31and the notion of non-alignment,
17:33which formally was ratified in Belgrade by Tito.
17:37And subsequently,
17:38what they're doing are things that doesn't really show
17:41that they're out to contain the US.
17:43Although, of course,
17:44there have been lots of reports
17:45that the Russians and the Chinese are dumping the US dollar.
17:51But now,
17:51coming back to the part that I like quite much
17:55is the fact,
17:56even though we've been criticising the Prime Minister,
17:58I used the word we and not necessarily me,
18:00because he invited President Donald Trump.
18:03Among the things I saw that were quite useful
18:05is the willingness of a President
18:07who had not been to Southeast Asia before that
18:09to come and discuss something openly
18:13at a time when the Prime Minister
18:15was criticising America's stand
18:16in support of Israel on the Gaza issue.
18:21And not just that,
18:22but also on many other issues
18:24where the position of BRICS
18:27seems to be the line being taken.
18:29In that sense,
18:30consistently with the position of Malaysia in the 60s,
18:34in 72,
18:35and Tun Radha promoted the idea of Zogfand.
18:38And at the same time,
18:39the notion that we remain non-aligned,
18:41not we have a foreign policy
18:43that does not link with any superpower,
18:46not that we take any side.
18:47So I think consistently,
18:49and that did not seem like
18:53what the US would have done last time,
18:55rubbish completely
18:57as just an ideologue discussion.
19:01So my feeling is
19:02that opportunity comes by.
19:04Second,
19:05he's also taken a few other positive things
19:07in the sense that the negotiation,
19:09and as what Dr. Juita mentioned just now,
19:11we still have days,
19:14we still have days,
19:14and we can always pull back.
19:16If you look at the whole agreement,
19:17which I read carefully,
19:19at any one time,
19:20we can pull out of it.
19:21And of course,
19:21I'm not sure the other part of it,
19:23because I have not done
19:24the empirical assessment of it,
19:28that we would lose
19:29a trade to the amount of 200 billion US.
19:32Now,
19:33if it is really valid,
19:34and the fact that we retain
19:35the flexibility to pull out,
19:37I think that's the sort of direction
19:39we should take.
19:39Farish Noh also makes
19:41that sort of line,
19:42rather than taking a position
19:45of de-linking from,
19:47it's not just the US,
19:48you're de-linking from the US,
19:50you'll also de-link with
19:51all the allies of the US
19:52in many ways.
19:54That will be something
19:55that will cascade down
19:56in a domino sense.
19:57So my,
19:58that's the opportunistic part
20:00that we've seen now,
20:02Malaysia is hurt.
20:03To me,
20:03it is,
20:04people are here in Malaysia.
20:06You had a situation
20:07where Macron was here,
20:08Lula from Brazil was here,
20:10the Prime Minister of Canada
20:12was here,
20:12a lot of them here
20:13willing to discuss this.
20:15I think that that's
20:16the opportunistic part of it
20:17because it,
20:18opportunistic part,
20:19because it gives you
20:20room for cooperation,
20:21voices to be heard.
20:23Yeah.
20:24Now,
20:24taking into account,
20:26you know,
20:26keeping in mind
20:27these sort of concerns
20:28about multilateralism,
20:29about this framework
20:30for working together
20:31internationally,
20:33that's increasingly cracking
20:34as Prof has said.
20:35Let's try to situate
20:37or contextualise this
20:38in countries
20:40in this part of the world.
20:41You know,
20:42Dr. Juwita,
20:42if we were to contextualise this
20:44for middle and low-income countries,
20:46particularly in this part of the world,
20:48you know,
20:49there's concerns about
20:50how 2026,
20:51the coming year,
20:51may bring about
20:52increased vulnerability
20:53due to weaker demand,
20:56structural shifts,
20:57concerns about,
20:58you know,
20:58unilateral trade measures.
21:00What do you think
21:00are some of the policy choices
21:02that,
21:02you know,
21:03countries,
21:04middle and low-income countries
21:05specifically,
21:05should prioritise
21:06to enhance resilience
21:08some of what we've seen
21:09this year?
21:11Thank you for that
21:12very important question.
21:14I think what countries
21:17within this region
21:19is doing
21:19to secure
21:21the future trade
21:24and also investment growth
21:26is by signing on
21:29to more multilateral agreements,
21:33upgrading our existing
21:35multilateral agreements.
21:38So during the ASEAN Summit,
21:40we already upgraded
21:41our ASEAN-China 3.0 agreement
21:45that was years in the making.
21:48We are also due to review
21:50and upgrade
21:51possibly the CPTPP agreement
21:54and this goes the same
21:56with the RCEP agreement.
21:59So we do see
22:01that there's also
22:01an increase
22:02of signing,
22:03the signing
22:04of bilateral agreements
22:05with like-minded countries,
22:08Malaysia and South Korea,
22:10for example.
22:11So I think
22:11this is a good sign
22:12that countries
22:14within the region
22:15are looking outward.
22:18It's not good
22:18to be looking inwards
22:19like the U.S.,
22:21but this is a good sign
22:24that international cooperation,
22:28regional cooperation
22:29is still very much intact.
22:32But as Professor Raja Rasia mentioned,
22:37there are economists out there
22:39who think that maybe
22:41there will be a recession.
22:44I mean,
22:44we've highlighted this
22:47maybe for two or three years now.
22:50There could be
22:51a possible recession
22:54that's going to happen
22:57in the U.S.
22:58So as a small open economy
23:00like Malaysia,
23:01I think we have to brace for it.
23:04We have to make sure
23:05that our macroeconomic indicators
23:08are sound,
23:10our financial institutions
23:12are sound.
23:14And of course,
23:15during recessionary periods,
23:19globally,
23:21we have to take
23:23a somewhat expansionary
23:24fiscal policy stance.
23:28So I'm not talking
23:29about unbridled spending
23:31because this is also important
23:34because we have to ensure
23:35that the impacts
23:36of the weakening
23:37of the global demand
23:38and also the impact
23:41from other global shocks
23:43can be minimized
23:45in the immediate
23:46to near term.
23:48So again,
23:49this is important
23:50because it can boost
23:52aggregate demand,
23:53it can stimulate
23:54economic growth
23:55and also it can
23:57also reduce unemployment.
24:00Basically,
24:00it's all about
24:01putting more money
24:02into consumers' hands.
24:04But again,
24:05we need to be
24:06quite prudent here.
24:07We need to
24:08check our spending
24:11so that
24:12it doesn't result
24:14in a significant
24:15widening
24:16of our budget deficits.
24:18So I also wanted
24:20to highlight here
24:22that it's all good
24:24that our GDP growth
24:25is on track
24:28or as projected
24:29or even higher
24:30as projected.
24:32But I do have
24:34to emphasize here
24:35that during economic downturn,
24:40we need to continue
24:42to protect the most
24:43vulnerable households.
24:46And this is through
24:47targeted assistance,
24:48this is through
24:49targeted subsidies
24:51and making sure
24:53that our healthcare
24:55and also education services
24:57are also accessible
24:59for the vulnerable households.
25:01So we are as good
25:03as our weakest link.
25:04Let's make sure
25:06that our trade activities
25:10and our investment activities,
25:13the benefits
25:14of those activities
25:15are felt
25:16even at the most
25:18vulnerable,
25:20within the most
25:21vulnerable groups
25:21in Malaysia.
25:22A very important point there.
25:24We have just about
25:25one, two minutes left
25:26so I'm sorry
25:26to have to
25:27make Prof
25:29keep his answer
25:30a bit brief here.
25:31But Prof,
25:32following from that,
25:33for middle and low income
25:34countries like ours,
25:36what do you think
25:36we should prioritize
25:37policy-wise
25:38to enhance resilience
25:40in the face of
25:41these global shocks
25:42in the coming year?
25:44In the interest of time,
25:46I'll just focus
25:46on one point.
25:48Our central bank
25:49and instruments
25:50that are related to it,
25:51I have actually
25:52learned a lot.
25:54Let's note
25:55that when the
25:56Asian financial crisis
25:57struck,
25:59we had a situation
26:00of a bubble evolving.
26:03you call it
26:04economy
26:05mumbahang
26:06that time.
26:07That overheating economy
26:09because we had
26:10a situation
26:10where
26:11balance of trade
26:13was facing
26:14a chronic imbalance
26:16from 1989
26:17right until the time
26:18that ringgit
26:19crashed.
26:20Yet,
26:21our GDP growth rate
26:22for many years
26:23exceeded 9%.
26:24That's only because
26:25we had massive
26:26investments
26:27from abroad.
26:28I have this chapter
26:29in a book
26:30that I did
26:31to honor
26:32the former
26:32central bank government.
26:33Now,
26:33this particular one
26:35is a situation
26:35where
26:36because of
26:37the Plaza Accord,
26:38you have all
26:38these currencies
26:38from Japan,
26:39Korea,
26:40Taiwan,
26:40and Singapore
26:41as well as
26:41Hong Kong
26:42soaring
26:43in ways
26:44where it became
26:45possibly for them.
26:46They relocated
26:47in the whole
26:47of Southeast Asia.
26:48That actually
26:49led to an increase
26:50in demand.
26:50But we had
26:51severe
26:52bottlenecks
26:53in the sense
26:54that we didn't
26:55have the infrastructure,
26:56we didn't have
26:57enough power,
26:57all sorts of
26:58things happened there.
26:59Now,
26:59he'd actually
27:00built that bubble
27:01that eventually
27:02crashed.
27:03I'm not telling
27:04that George Soros
27:07had no effect
27:07on that.
27:08I only gave him
27:09the opportunity
27:09to do that
27:10from the Thai economy.
27:12But coming back
27:12to that,
27:13we had severe
27:14what do you call
27:17non-payment
27:18issues,
27:19which again,
27:20we learned so much
27:21when the global
27:21financial crisis
27:22struck
27:23in 2007-2009.
27:26We didn't have
27:26that problem,
27:27not just Malaysia,
27:28all the East Asian
27:29countries had
27:29already learned
27:30from there.
27:31Now,
27:31the next thing
27:32we have
27:32is a situation
27:34where the COVID-19
27:36crisis struck.
27:38And it was
27:39actually the
27:40purchase of
27:40vaccines and so
27:41on that led
27:42to the
27:42blowing up
27:44of our
27:44fiscal deficit.
27:46In other words,
27:47generally,
27:48we had very good
27:49macroeconomic
27:49fundamentals.
27:51But even there,
27:52we see
27:52a serious effort
27:54there to lower it.
27:55and in fact,
27:56we are expecting
27:57it to be met
27:59by the end
27:59of this year,
28:00the deficit,
28:013.8%,
28:04and then eventually
28:04by 2030,
28:053.5%.
28:07Now,
28:07to me,
28:08the fiscal
28:09deficit
28:09is more important
28:10than the debt
28:11to the GDP ratio.
28:12Everybody knows
28:13the debt to GDP ratio
28:14of Singapore
28:14is 170%,
28:16and yet,
28:17it's doing very well
28:18because it manages
28:19its account very well.
28:20Now,
28:21I'm mentioning
28:21that we,
28:22in that sense,
28:23are very well placed
28:24in that sense.
28:24But I think
28:25what they should do
28:26is to strengthen
28:26those instruments further.
28:28We have very good
28:29social security nets
28:31and so on
28:31because we learned
28:32from the past too.
28:33Now,
28:33in addition to
28:34refining them,
28:36we should track
28:37what potential problems
28:38are likely,
28:39impossible to predict,
28:40but that should
28:41always be a focus
28:42of us,
28:43and at the same time,
28:44strengthening the
28:45instrument that we
28:46started with.
28:47They're all good
28:47instruments that are there.
28:48It's a question of
28:49how effectively
28:50you implement them.
28:52Really sorry
28:52to have to cut you short
28:53there,
28:53but that is all
28:54the time that we have.
28:55Thank you so much
28:56to Prof. Raja
28:56and Dr. Jwita
28:57for joining us today
28:58for a very valuable,
29:00invaluable
29:01Economics 101 class
29:03and what we can expect
29:04in the coming year.
29:05Thank you once again
29:05to Prof. and Dr. Jwita
29:07for joining us
29:08on Awani Global.
29:09That is all
29:09on this week's episode.
29:10We'll catch you
29:10the next time.
29:25Wow.
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