Malaysia’s GDP Grow By 0.7% In Q1
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The country’s gross domestic product (GDP) only grew by 0.7% in the first quarter of the year, the lowest since the third quarter of 2009 (1.1%), according to data by the Department of Statistics Malaysia (DOSM).
This is mainly due the implementation of the Movement Control Order (MCO) as preventive measures were made to stop the spread of Covid-19.
Experts also foresee that the second half to be worse as the country tries to restart the economy that’s battered by Covid-19 as the projected growth for the full year to come in somewhere between 0.5% to -2%.
Only the services sector (3.1%) and manufacturing (1.5%) has grown throughout the period, while the other sectors declined.
DOSM also noted that private consumption in this quarter focused mainly on essential products such as food & non-alcoholic beverage, communication and housing, water, electricity & other fuels.
However, people have reduced their consumption in petrol, travel, recreation and eating outside during the same period.
It’s estimated that losses in economic output are at RM22.8 billion for the first quarter of this year.
The pandemic has affected many countries across the globe and it’s no different for other economies in the region.
Vietnam’s GDP growth in the first quarter fell to a 10-year low of 3.82% and its the same for Thailand’s economy which is estimated to have shrunk by at least 5%.
Over in Indonesia, their GDP for quarter grew by 2.97% in Q1 but its lower compared to the same period in 2019 which was 5.07% while Singapore’s GDP only grew by 1.2%.
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