Malaysia’s economy is projected to contract by 3.1 percent in 2020 due to a sharp slowdown in economic activity caused by COVID-19 and measures to contain its spread, according to the latest edition of the World Bank’s Malaysia Economic Monitor.
The World Bank expects growth to resume in 2021 at 6.9 percent as the outbreak eases. The near-term outlook, however, is unusually uncertain at present.
Aggregate investment contracted for the fifth consecutive quarter by 4.6 percent in Q1 2020, as compared to a contraction of 0.7 percent in Q4 2019, with broad-based weaknesses in both private and public investment.
Due to weak external demand, Malaysia’s exports of goods and services declined for a third consecutive quarter by 7.1 percent in Q1 2020, the largest decline since the Global Financial Crisis in 2009.
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