Economics
Malaysia Posts Slowest Growth Since 2009 on Lockdown Curbs
- Consumption boosted 1Q result, but economy set to shrink in 2Q
- Activity to pick up in second half, return to growth in 2021
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Malaysia’s economy surprisingly expanded in the first three months of the year but is expected to contract in the second quarter, as the coronavirus pandemic hits industries across the board.
Gross domestic product grew 0.7% in the three months through March compared to a year earlier, supported by domestic consumption, according to Malaysia’s central bank. That was the slowest pace since GDP shrank in 2009, and compares with a median estimate of a 1% contraction in a Bloomberg survey of economists.