Glove factories have continued to operate under strict SOPs under the current lockdown as they are deemed essential services.
Speaking with StarBiz, Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said it was “prudent” for the 2021 gross domestic product growth forecast to be revised lower, considering the full swing lockdown in June. “Constraints on production activities are likely to have material impact on the growth momentum, ” he said.Echoing a similar view with the business community, Mohd Afzanizam said the economy required more help from the government.
In April, AmBank Research estimated that the economy surged 33% to 37%. The strong monthly expansion was underpinned by a 50.1% year-on-year growth in industrial production as well as a 66.2% y-o-y growth in distributive sales. Meanwhile, Maybank Kim Eng Research expects Malaysia’s monthly GDP to post slower growth in May 2021 and shrink in June 2021. For the full year, the research house has revised its GDP growth forecast downward to 4.2% compared to 5.1% previously. For comparison, Malaysia’s economy shrank 5.6% in 2020.
This will be followed by another month of Phase 2 FMCO where more sectors, industries and businesses are allowed to operate.
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