Malaysia’s gross domestic product (GDP) growth fell sharply to 0.7 percent in the first quarter of this year (Photo: Reuters) Hanoi (VNA) - Malaysia’s gross domestic product (GDP) growth fell sharply to 0.7 percent in the first quarter of this year, the lowest seen since Q3 2009, according to a statement from the Department of Statistics Malaysia.
The figure was much lower than the 3.6 percent recorded in the previous quarter.
Movement restrictions imposed due to the COVID-19 pandemic cost Malaysia’s economy an estimated 63 billion ringgit (14.5 billion USD), according to Prime Minister Muhyiddin Yassin.
The pandemic has dealt a blow on Malaysia’s services and trade sectors, as demand for its key export items of oil and rubber plummeted. The decline of oil prices also hurt the country’s economy.
The country’s central bank has cut interest rates while its government has introduced major bailouts to bolster recovery.
The Southeast Asian nation is likely to experience a slower economic growth in the second quarter following the Movement Control Order (MCO) which began in mid-March./.
The figure was much lower than the 3.6 percent recorded in the previous quarter.
Movement restrictions imposed due to the COVID-19 pandemic cost Malaysia’s economy an estimated 63 billion ringgit (14.5 billion USD), according to Prime Minister Muhyiddin Yassin.
The pandemic has dealt a blow on Malaysia’s services and trade sectors, as demand for its key export items of oil and rubber plummeted. The decline of oil prices also hurt the country’s economy.
The country’s central bank has cut interest rates while its government has introduced major bailouts to bolster recovery.
The Southeast Asian nation is likely to experience a slower economic growth in the second quarter following the Movement Control Order (MCO) which began in mid-March./.
VNA
