Malaysia’s economy posts biggest annual decline since 1998 crisis

By
Online Editor
-

Follow Ziraat Times on Whatsapp - Join Now

Kaula Lumpur: Malaysia’s economy fell at a faster than expected clip in the fourth quarter, as stricter coronavirus curbs crimped consumption and slowed the pace of recovery.

Gross domestic product contracted 3.4% year-on-year in the October-December period, the central bank said on Thursday, falling for a third straight quarter and faster than the 3.1% decline forecast in a Reuters poll.

Malaysia’s full-year economic performance fell 5.6% in 2020, the worst annual performance since the 7.4% decline in 1998 during the Asian Financial Crisis, according to data from the department of statistics.

“Going into 2021, growth will rebound, supported by a pickup in global demand and normalisation in domestic economic activities,” Bank Negara Malaysia governor Nor Shamsiah Mohd Yunus said during a virtual news conference.

Malaysia’s economic performance will likely continue to be weighed by the pandemic, especially after a recent surge in cases prompted the government to impose a second lockdown until at least Feb. 18, Capital Economics said in a note.

“The risks are to the downside. Our current assumption is that Malaysia will bring the virus largely under control by next quarter, but if that fails, we will have to cut our forecasts further,” said Alex Holmes, Asia economist with Capital Economics.

Capital Economics expects full-year 2021 growth to come in at 7%. Malaysia’s cumulative coronavirus infections shot past 250,000 on Wednesday, including 923 deaths.

“There have been many developments, the resurgence of COVID and also progress with the vaccines… but importantly, we still expect growth in 2021 to recover,” Nor Shamsiah said. She said monetary policy will “remain accommodative in an environment of modest prices,” and that the central bank has sufficient policy space to provide further support if needed.

Last month, the central bank left its overnight policy rate at a record low of 1.75%. It cut its key rate by 125 basis points last year to prop up the coronavirus-hit economy.

The trade-reliant economy had shown tentative signs of a rebound in the third quarter, driven by improving global demand. Full year exports fell 1.4%, though shipments began recovering in the last four months of 2020.

The central bank said it expects inflation to trend higher this year, after 10 straight months of decline largely due to low retail fuel prices.

 

RELATED ARTICLESMORE FROM AUTHOR

43 COMMENTS

  14. CBD gummies or cbd sleep gummies are a serviceable and yummy spirit to like the possible benefits of cannabidiol (CBD). Ìåéä from hemp extracts, they put forward a discreet and pre-measured dose of CBD to forward recreation, trim down accent, and head injure or inflammation. These gummies are non-psychoactive, containing teeny to no THC, and crumble in various flavors and strengths to suit dissimilar needs. They’re example after beginners and trained users in the same manner, providing an easy, enjoyable wellness boost.

  27. equilibrado de ejes
    Sistemas de equilibrado: esencial para el funcionamiento estable y optimo de las maquinarias.

    En el campo de la ciencia actual, donde la eficiencia y la estabilidad del sistema son de suma relevancia, los dispositivos de calibracion desempenan un tarea vital. Estos dispositivos especificos estan disenados para balancear y asegurar componentes rotativas, ya sea en maquinaria industrial, automoviles de transporte o incluso en equipos hogarenos.

    Para los especialistas en mantenimiento de equipos y los ingenieros, operar con dispositivos de equilibrado es crucial para proteger el operacion suave y confiable de cualquier aparato movil. Gracias a estas alternativas innovadoras modernas, es posible disminuir sustancialmente las movimientos, el zumbido y la carga sobre los cojinetes, prolongando la tiempo de servicio de componentes costosos.

    Igualmente significativo es el funcion que juegan los aparatos de ajuste en la soporte al consumidor. El apoyo especializado y el conservacion continuo usando estos dispositivos habilitan proporcionar servicios de excelente calidad, aumentando la satisfaccion de los consumidores.

    Para los propietarios de emprendimientos, la financiamiento en sistemas de calibracion y sensores puede ser clave para aumentar la rendimiento y desempeno de sus sistemas. Esto es particularmente trascendental para los inversores que manejan pequenas y medianas empresas, donde cada punto cuenta.

    Tambien, los sistemas de equilibrado tienen una amplia uso en el area de la fiabilidad y el monitoreo de estandar. Posibilitan identificar potenciales fallos, impidiendo arreglos caras y averias a los aparatos. Tambien, los indicadores generados de estos aparatos pueden aplicarse para maximizar procesos y potenciar la visibilidad en motores de investigacion.

    Las sectores de utilizacion de los sistemas de ajuste cubren numerosas industrias, desde la produccion de transporte personal hasta el supervision de la naturaleza. No importa si se habla de grandes manufacturas productivas o reducidos talleres de uso personal, los equipos de calibracion son esenciales para proteger un funcionamiento optimo y sin riesgo de interrupciones.

  30. Worrying [url=https://www.nothingbuthemp.net/products/sativa-thc-tinctures ]thc drops sativa[/url] has been truly the journey. As someone acerbic on natural remedies, delving into the world of hemp has been eye-opening. From CBD lubricant to hemp seeds and protein powder, I’ve explored a classification of goods. Undeterred by the disarray local hemp, researching and consulting experts acquire helped nautical con this burgeoning field. Overall, my contact with hemp has been sure, present holistic well-being solutions and sustainable choices.

  31. Worrying [url=https://www.nothingbuthemp.net/products/focus-gummies ]thc focus gummies[/url] has been truly the journey. As someone keen on natural remedies, delving into the world of hemp has been eye-opening. From CBD lubricator to hemp seeds and protein capacity, I’ve explored a classification of goods. Despite the mess local hemp, researching and consulting experts have helped handle this burgeoning field. Entire, my contact with hemp has been decided, present holistic well-being solutions and sustainable choices.

LEAVE A REPLY

Please enter your comment!
Please enter your name here