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Oxford Economics: Malaysia’s economy could shrink by 6 percent in 2020

Malaysia’s economy is forecast to shrink by 6 percent this year due to the impacts of COVID-19 pandemic, but it will rebound 6.6 percent next year, according to the Global Economic Outlook report from Oxford Economics.
Oxford Economics: Malaysia’s economy could shrink by 6 percent in 2020 ảnh 1A view of Malaysia (Photo: Internet)


Hanoi (VNA) - Malaysia’s economy is forecast to shrink by 6 percent this yeardue to the impacts of COVID-19 pandemic, but it will rebound 6.6 percent nextyear, according to the Global Economic Outlook report from Oxford Economics.

In its report issued on September21, Oxford Economics said though the nationwide movement control order inMalaysia compounded the economic damage in the second quarter, the payoff hasbeen apparent, with the pandemic situation currently in hand, which will aidthe economy in regaining its footing.

Malaysia’s exports wouldbenefit from improving Chinese import demand and the electronics cycle.Nonetheless, the speed of its recovery will likely slow given current sluggishglobal demand, high unemployment and weak investment, it said.

The report also said thoughthe Recovery Movement Control Order has been extended to December 31, almostall sectors have been allowed to operate.

However, only a smallnumber of sectors are still restricted such as night clubs and entertainmentcentres.

The restricted entry of foreign tourists has also caused difficulties for the tourism sector, which contributes to 15.2 percent of the country’sgross domestic product./.

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