Malaysian Economy on the Mend from June 2020 Onwards: Finance Minister

The Malaysian economy is slowly beginning to recover from the COVID-19 crisis since its gradual reopening in May 2020, Finance Minister, Tengku Datuk Seri Zafrul Abdul Aziz reported, adding that the Recovery Movement Control Order (RMCO) instated from the 10th of June, 2020 has already made significant gains.

The brunt of the MCO executed by the Government of Malaysia to stem the spread of the pandemic was felt in April 2020, with the country’s Gross Domestic Product (GDP) plunging by 28.6% year-on-year (YoY), the Finance Minister said. However, the contraction eased to 19.5% YoY in May 2020 and continued improving, with a decline of 3.2% YoY in June 2020, as businesses resumed operations, resulting in a GDP declin...