Most economies in Emerging Asia will benefit from falling oil prices. The big exception is Malaysia, where the government today revised its 2015 forecasts for the budget deficit, GDP growth and the current account surplus. While a collapse in the oil price is unlikely to lead to an economic crisis in Malaysia, it is likely to act as a major headwind over the coming year. And although the government’s forecasts are broadly achievable, the risks for the coming year are firmly to the downside.
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