KUALA LUMPUR, March 23 ― Malaysia will be among three Asean nations whose growth prospects are expected to be weaker in 2016 and 2017 due to their export-orientated economies, Moody’s Investors Service said today.

In a press conference at Kuala Lumpur today, the rating agency’s vice-president Rahul Ghosh said Malaysia shares the outlook with neighbouring Singapore and Thailand but not Indonesia, whose economy is largely driven by domestic demand.

“Singapore, Malaysia and Thailand are susceptible to a prolonged period of subdued global demand via both the export channel and weaker investment demand,” he said.

At the same news conference, Moody’s Senior Credit Officer Vikas Halan said that the crude oil price is expected to hover at a low for the next three years.

“At most, we will see a US$5 appreciation in its price every now and then. But is largely going to remain between the US$30 to US$40 price range per barrel,” he added.

Vikas said that there is an “oversupply” of about three million barrels for crude oil globally and that is going to take time before it is cleared.

Malaysia’s economy, significantly dependant on oil and gas exports, has been impacted since oil prices plummeted, which has also caused the ringgit to depreciate badly against the US dollar.