Kuala Lumpur, February 12 According to the data released by the Central Bank of Malaysia a few days ago, Malaysia’s gross domestic product (GDP) fell by 3.4% year-on-year in the fourth quarter of 2020, and the annual GDP fell 5.6% from the previous year, setting a financial crisis in Asia in 1998. The biggest drop since the opportunity.
Malaysia’s GDP decline in the fourth quarter of last year was greater than the contraction in the third quarter, mainly due to Malaysia’s implementation of epidemic prevention and control measures in some areas since October last year to control the spread of the epidemic, the Central Bank of Malaysia said in a statement.
Despite the improvement of external demand, Malaysia’s domestic epidemic prevention measures have led to travel restrictions, which has dragged down economic growth in the fourth quarter.
The Central Bank of Malaysia believes that the government’s implementation of stricter epidemic control measures from mid-January may have some impact on short-term economic growth, but the impact is relatively limited, and Malaysia’s economy is expected to improve from the second quarter of 2021.
In addition, the coronavirus vaccination plan to be launched in the near future is also expected to improve market sentiment.