Malaysian economy to recover in 2021 on effective vaccine deployment. (Photo: malaymail.com) Hanoi (VNA) - Malaysia’s economy isexpected to return to positive growth this year, along with other economiesglobally on the sustained progress in the vaccine rollouts that will boostconsumption worldwide, the World Bank Group said.
Its Macroeconomics, Trade and Investment GlobalPractice lead economist, Richard Record said the group expects the vaccinedeployment can be mostly completed in 2021 in most economies, leading to strongrecovery and demand, as well as boosting trade and commodity prices.
“We are projecting a global growth of 4.0 percent thisyear. As for Malaysia, we project economic growth this year to range between5.6 and 6.7 percent,” he said during the virtual 2021 Malaysia’s Economic andStrategic Outlook Forum (MESOF) titled: “The Post-Covid-19 New Normal — WhereDo We Go From Here” on February 22.
Meanwhile, Anton Hendranata, an economist of the BankRakyat Indonesia (the People's Bank of Indonesia) (BIR), said although theIndonesian government’s National Economic Recovery (PEN) programme has acceleratedthe country’s economic recovery post COVID-19, the economy may still be inrecession in the first quarter of the year given the adverse impact of thepandemic.
About 56.7 percent of the loans launched under theprogramme to assist State-owned enterprises have proven effective, he said.
Anton Hendranata said he believes that the extensionof fiscal incentives of the Indonesian government this year would continue tohelp the economy escape from the downturn.
However, he said, amidst the complex developments ofCOVID-19, the Indonesian economy is expected face more difficulties during thisquarter, with production to be contracted due to social distancing measures.
According to the expert, the Indonesian economy willgain its stability and growth momentum from the second quarter, and growstrongly from mid-year./.
VNA
