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Malaysia’s Q1 GDP expected to contract for first time in more than a decade

Malaysia’s economy is expected to have contracted for the first time in more than a decade in the first quarter as COVID-19 crisis shattered private consumption and external demand.
Malaysia’s Q1 GDP expected to contract for first time in more than a decade ảnh 1Illustrative image (Photo: themalaysianreserve)

Hanoi (VNA) – Malaysia’s economy is expected to have contracted for thefirst time in more than a decade in the first quarter as COVID-19 crisisshattered private consumption and external demand.

According to the average forecast from a Reuters poll of 12economists, Malaysia’s gross domestic product (GDP) declined 1.5 percent inJanuary-March from a year earlier, the first contraction since the thirdquarter of 2009 during the global financial crisis.

The Malaysian government plans to announce the GDP data on May13.

In April, Malaysia’s central bank forecast that the economy willeither shrink by up to 2 percent or grow marginally by 0.5% this year due tothe pandemic./.

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