Malaysia’s economy has been growing at the slowest pace since the global financial crisis

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direct: Malaysia’s economy expanded abruptly during the first quarter of this year, but is expected to contract in the second quarter following the blow of the Corona virus.

Data released by the Malaysian Central Bank showed today, Wednesday, that the country’s gross domestic product increased by 0.7 percent during the three months ended last March, compared to the same period in the previous year.

However, the pace of expansion has been the slowest since GDP contracted in 2009.

Analysts had expected Malaysia’s gross domestic product to contract by 1 percent over the past quarter.

Bank Malaysia Bank Negara explained that after the economic expansion in the first two months of the year, economic activity turned to a sharp decline when the closure measures were imposed on March 18th, which affected both external demand and domestic growth..

On a quarterly basis, Malaysia’s economy contracted by 2 percent, seasonally adjusted, during the three months to March last compared to the previous three months.

Malaysia had moved to support the economy, with the central bank lowering the key interest rate by 100 basis points over three consecutive meetings to 2 percent.

The government also announced a stimulus package worth 260 billion ringgit, focusing on preventing job losses and ensuring that small businesses continue to survive.

And the central bank maintained its forecast issued in April, which indicates that the country’s gross domestic product can range from a growth of about 0.5 percent to a contraction of 2 percent this year, and that the activity will gradually improve during the second half of this year and will achieve positive growth in a year. 2021.







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