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.
Malaysia’s application of the recovery movement control order (RMCO) phase from June 10 to August 31, which will relax interstate travel, meetings and workshops, marks the beginning of the recovery of domestic tourism, with a surge in hotel booking.