World Bank: Malaysia’s Economy to Rebound 6.9% in 2021 Following Contraction in 2020

Malaysia’s economy is expected to contract 3.1% year-over-year (YoY) in 2020 due to the economic slowdown caused by the COVID-19 pandemic, according to the latest edition of the World Bank (WB)’s Malaysia Economic Monitor report released on the 25th of June 2020. However, the WB projects the country to rebound in 2021 with 6.9% YoY growth as the outbreak eases.

According to the WB, aggregate investment contracted by 4.6% YoY in the first quarter of 2020 compared to 0.7% YoY contraction in the previous quarter, whilst the country’s exports of goods and services declined by 7.1% YoY in the same period, its largest decline since the financial crisis in 2009. Furthermore, private consumption slowed down to...