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Malaysian economy shrinks 17 per cent in worst contraction on record

Malaysian economy shrinks 17 per cent in worst contraction on record
Business
KUALA LUMPUR, MALAYSIA -- Malaysia has reported its economy contracted 17 per cent in the last quarter in its worst downturn since the global financial crisis.

The central bank said the real rate of annual growth was 16.5 per cent in the April-June quarter, down from a 2 per cent contraction in the first quarter of the year.

Business shutdowns, travel restrictions and other measures to help contain outbreaks of the new coronavirus took a heavy toll.

It is forecasting a contraction for the full year of minus 3.5 per cent to minus 5.5 per cent. It expects the economy to resume expansion in 2021, growing between 5.5 per cent and 8 per cent.
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