Malaysian Prime Minister Ismail Sabri Yaakob has given the government’s assurance that there will be neither travel ban nor Movement Control Order (MCO) during this year’s Hari Raya Aidilfitri, one of the biggest holidays in Malaysia.
Malaysia’s Gross Domestic Product (GDP) forecast of between 6 and 7.5 percent this year will be revised, according to Finance Minister Tengku Zafrul Tengku Abdul Aziz.
The World Bank (WB) has revised down Malaysia’s GDP growth forecast to 4.5 percent in 2021 from 6 percent estimated in March and 6.7 percent last December amid a dramatic resurgence of the COVID-19 pandemic beginning in mid-April.
Malaysia’s trade deficit in services increased to 47.4 billion RM (11.5 billion USD) in 2020, the highest deficit ever recorded, owing to the unprecedented COVID-19 pandemic that has significantly restrained economic activities globally.
The manufacturing sector of Malaysia continued to recover in May but stricter measures to combat a renewed surge in COVID-19 infections had an adverse impact on production volumes, according to American-British information provider IHS Markit.
Malaysia can achieve its 2021 gross domestic product (GDP) growth target of between 6.0 and 7.5 percent if the COVID-19 health crisis can be stabilised after the eventual lifting of the Movement Control Order (MCO 3.0), said Minister in the Prime Minister’s Department (Economy) Mustapa Mohamed.
Malaysia has decided to tighten COVID-19 prevention and control measures to prevent rising unemployment instead of reintroducing full lockdown like last year.
The SME Association of Malaysia (SME Malaysia) has urged the Government not to impose a full lockdown on the economy, warning that nearly 40 percent of small- and medium-sized enterprises (SMEs) will go bankrupt if that happens.
Despite the recent re-imposition of nationwide pandemic containment measures by the federal government, the central bank of Malaysia (BNM) maintained its growth projection for the local economy at between 6 percent and 7.5 percent in 2021.
Malaysia has announced that the entire country, with the exception of Sarawak, will come under the Movement Control Order (MCO) in a bid to contain the spread of COVID-19.
Malaysia re-applied the Movement Control Order (MCO) from January 13 to 26 in various locations as the Conditional Movement Control Order (CMCO) was no longer effective, said Noor Hisham, a high-ranking official of the Malaysian Ministry of Health.
Malaysian Prime Minister Muhyiddin Yassin announced on January 11 that the movement control order (MCO) will be reintroduced in Kuala Lumpur and five other states to curb new coronavirus outbreaks.
Malaysia reported 1,228 new COVID-19 cases on October 24, the highest daily tally and also the first four-digit growth in the number of new infections in a day.
Malaysian Prime Minister Muhyiddin Yassin has affirmed that his Government will not impose a total lockdown despite the latest surge in COVID-19 cases.
The Malaysian Ministry of Education decided that a total of 122 schools in the Kota Kinabalu, Penampang and Putatan areas in Sabah are closed from October 6 due to the COVID-19 pandemic.
Malaysia’s National Security Council convened a special meeting on October 3 after the number of COVID-19 infections in the country hit its highest level, reported by the national news agency Bernama.
The Malaysian state of Penang recorded a total of 9.12 billion RM (nearly 2.2 billion USD) in approved manufacturing investments in the first half of this year, according to the Malaysian Investment Development Authority (MIDA).
The COVID-19 pandemic continues to leave a lasting impact on the construction industry in Malaysia, which suffered big losses during the initial phase of the Movement Control Order (MCO), the New Straits Times reported.
World
