RAM Ratings Projects 4.0% GDP Contraction, Worse than Initial Forecast

https://islamicmarkets.com/articles/ram-ratings-projects-4-0-gdp-contraction-worse-than-initial-forecast
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RAM Ratings (RAM) projects Malaysia’s economy to contract by 4% in 2020, exceeding its initial projection of a decline of 2.4%, as the country faces one of its worst recessions. According to a statement released on the 13th of August, 2020, the ratings agency’s projection is based on reduced demand of the industrial and labour market following restrictions of the movement control order that has negatively impacted businesses and households.

RAM noted that although essential industries were operating at sustained normal levels, export-oriented sectors showed dismal performance following both supply and demand challenges. Furthermore, non-essential sectors were still operating below normal capacity, with slow...