Malaysian economy shrinks most in more than two decades
Malaysia’s economy has contracted the most since the Asian financial crisis more than two decades ago, due to impacts of global trade crisis and tough measures taken to prevent the spread of the COVID-19.
A corner of Kuala Lumpur, capital of Malaysia (Source: internet)
Kuala Lumpur (VNA) - Malaysia’s economy has contracted themost since the Asian financial crisis more than two decades ago, due to impactsof global trade crisis and tough measures taken to prevent the spread of the COVID-19.
According data released by the country’s central bank on August 14,Malaysia’s gross domestic product shrank 17.1 percent in the second quartercompared to a year earlier, its worst showing since the fourth quarter of 1998.That compared to the median forecast of a 10.9 percent contraction in aBloomberg survey.
The restrictions, which included businesses being shutdown and people confined to their homes, “resulted in demand and supplyshocks,” with border control measures globally hitting tourism arrivals, thecentral bank added.
Wan Suhaimi Saidi, an economist at Kenanga Investment Bank,warned that the trade-dependent economy was “heading into a recession sincethere is no sign of a full recovery in demand and business activity.”
He said he expects a full-year contraction of between 4 percent and 6 percent,more than the central bank’s estimate of 3.5-5.5 percent.
However, Nor Shamsiah Mohamad Yunus, head of the central Bank Negara Malaysia,said the economy was poised for a recovery in the current quarter asvirus-related restrictions are eased.
“We are likely to see a trough in the second quarter. The economy is poised fora recovery in the second half and rebound further in 2021,” he said at avirtual news conference. “I am cautiously optimistic the worst is behind us.”
Bank Negara said the second-quarter decline “reflected theunprecedented impact of the stringent containment measures to control theCovid-19 pandemic globally and domestically” imposed from mid-March to earlyJune.
The country has so far recorded over 9,000COVID-19 cases, including 125 deaths./.
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The Malaysian government has allowed traders to hold unlimited cheap sales in a bid to fuel consumer spending, thereby boosting the country's economy amid the COVID-19 pandemic.
Malaysia has allocated 62 millionRM(14.6 million USD) to farmers' organisations through the Prihatin Rakyat Economic Stimulus Package (PRIHATIN) to help its members affected by the COVID-19 pandemic.
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A corner of Kuala Lumpur, capital of Malaysia (Source: internet) 
