(Photo: Dailyexpress.com.my) Kuala Lumpur (VNA) - Malaysia'seconomic growth is expected to improve in the second quarter of this year andrecover in 2021, said Minister in the Prime Minister's Department (Economy)Mustapa Mohamed.
He said even though analysts generallyopined that the economic performance in the Q2 would experience a contractiondue to the COVID-19 impact, however the economic indicators issued by theStatistics Department had shown signs of recovery in stages.
In fact, this was supported by a betterlabour market in June which registered an unemployment rate of 4.9 percent,down 0.4 percentage points compared with 5.3 percent in May 2020.
The number of unemployment had declinedfrom 826,000 persons in May to 773,000 persons in June, according to theStatistics Department.
The International Monetary Fund and theWorld Bank have forecast Malaysia's gross domestic product (GDP) to record agrowth of 6.3 percent and 6.9 percent respectively for 2021.
The expectation of a V-shaped recovery isfollowing the moves by the Malaysian government which has reopened all economicsectors and implement a economic stimulus package and a recovery plan, he said.
Mustapa explained that taking into accountthe global economic environment which is very challenging, the country'seconomic growth would be more focused on the domestic economic activities./.
