The drop in Malaysia's GDP in the second quarter was a record for the past 20 years, exceeding 17%. This is stated in a statement published on Friday by the Central Bank and the Department of statistics.
"In the first quarter, the economic growth rate was 0.7%, but in the second quarter, a drop of 17.1% was recorded," the statement said. "This was the result of unprecedented strict restrictive measures that were taken due to the coronavirus pandemic both in Malaysia and in other countries," the report emphasizes.
"As the quarantine is lifted and economic activity resumes, we should expect an improvement in the situation," the Central Bank said. At the same time, according to forecasts, by the end of the year, we should prepare for an economic recession at the level of 3.5 to 5.5%. "However, next year the growth rate may be in the range of 5.5-8%," the report notes.
GSV "Russia - Islamic World"
Photo: Creative Commons
Based on materials from TASS