However, Bank Negara Malaysia estimates that domestic growth will improve at year’s-end and 2021, as risks from the pandemic subside.BNM said policy measures introduced by the government will provide a buffer and avert a sharper contraction in economic activities for the year.
This stimulus package, totaling RM230 billion, includes a moratorium on loan payments and loan guarantees for small and medium enterprises . The implementation of small-scale projects worth RM4 billion as announced under the second stimulus package will also lend impetus to the economy. BNM said broad-based restrictions and aversion to travel activities will have a sizeable impact of the tourism industry, which accounts for 11.8 per cent of the country’s GDP.
The central bank said economic activity is also impacted, as non-essential services cease to operate and only selected manufacturers are allowed to operate. Crude oil prices are also affected by the OPEC+ production alliance’s decision not to pursue additional voluntary output adjustments.
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