The Malaysian economy may finally return to strong growth in the second quarter (Q2) of 2021.
PETALING JAYA: While Covid-19 remains a key risk that clouds the economic outlook, the Malaysian economy may finally return to strong growth in the second quarter of 2021.Encouraging economic indicators, in the April to June period, such as the industrial production and exports, apart from the low-base effect, are expected to boost second-quarter gross domestic product .
In the first quarter of the year, GDP recorded a better-than-expected performance with a contraction of 0.5%, despite imposition of the second movement control order on Jan 13. He pointed out that households and businesses have turned more cautious in June and the third quarter, with the Malaysian economy hitting a temporary speed bump due to the prolonged pandemic and deeper economic scarring effects caused by strict containment measures.
“It also depends on the sooner-than-expected transition to phases two, three and four of the National Recovery Plan, and safer reopening of both economic and social sectors with higher manpower capacity tied to the number of workers vaccinated,” Lee said.Lee maintained his GDP growth forecasts for 2021 and 2022 at 4% and 5.2% respectively.
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