With Malaysia’s economy facing strong headwinds from the impact of the Covid-19 pandemic, economists expect an inevitable contraction in the latest gross domestic product growth numbers when Bank Negara Malaysia announces them on Friday.
“Private consumption, which is the biggest contributor to our GDP, is likely to fall as consumers stayed home during MCO which reduced their overall expenditure – on top of retrenchment in affected sectors which resulted in loss of income,” she toldIn addition, the economist expects negative growth across all key sectors, including services, partially due to the closure of international borders and weak travel sentiment.
Her assessment is echoed by Bank Muamalat’s economist, Izuan Ahmad, who expects a possibility of a high single-digit contraction for the quarter from the containment measures implemented during the period. “In addition, Malaysia’s external trade performance in second-quarter 2020 was not favourable as export, import and trade volumes in April and May deteriorated, which led to a trade deficit of RM3.5 billion in April 2020 the first monthly deficit in over 22 years,” he said.
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