COVID-19: Malaysia’s Economy to Further Shrink due to Extended Closure - Minister of Finance

Malaysia’s Finance Minister, Tengku Zafrul Tengku Abdul Aziz, has stated that Malaysia's economy could decline more than initially expected in 2020 due to prolonged movement restrictions imposed to curb the spread of the COVID-19 pandemic.

With the Central Bank of Malaysia earlier forecasting Gross Domestic Product (GDP) to grow between -2% and 0.5%, Tengku Zafrul said that the country’s GDP could shrink even more as forecasts were made after just two weeks of movement curbs. However, Malaysia has been experiencing movement restrictions for over 5 weeks as of the 2nd of May 2020.

Most businesses in Malaysia are set to reopen on 4 May 2020, but schools, cinemas and night c...