The Malaysian Institute of Economic Research is revising downwards its real gross domestic product projection in 2020 for Malaysia to -5.5% amid a confluence of factors that weigh on the economy.
GDP for the third and fourth quarters of 2020 would have been expected to register a positive growth of between 2.0% and 2.5%, largely depending on the effectiveness of the stimulus packages of Prihatin and Penjana, said MIER in a statement today. “Although the GDP growth reduced significantly in the second quarter of 2020 by -17.1%, the unemployment rate showed declining trends,” said MIER.
“But, as the flattening of the pandemic had taken six months in the first wave, we expect the flattening of this third wave to take at least the same amount of time and will delay the recovery to first quarter of 2021,” it added.
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