Malaysia Economic Performance in the Fourth Quarter Of 2020

PUTRAJAYA, 11 February 2021 – Malaysia’s Gross Domestic Product (GDP) contracted 3.4 per cent for the fourth quarter of 2020 as compared to a decline of 2.6 per cent in the preceding quarter. For overall year 2020, Malaysia’s GDP contracted 5.6 per cent as compared to 4.3 per cent in 2019. The last seen of Malaysia’s economic contracted was in 2009 (-1.5%) and this is the lowest contraction after 1998 (-7.4%).

According to Chief Statistician Malaysia, Dato’ Sri Dr. Mohd Uzir Mahidin, “In 2020, various Movement Control Order (MCO) phases were implemented in the country since 18 March 2020 until now to curb the outbreak of COVID-19. Thus, the performance of economic activities following the domestic supply and demand factors and the influence of the external sector has led the Malaysian economy recorded negative growth for the three consecutive quarters for year 2020. Malaysia has experienced a negative growth for five consecutive quarters before recording a positive growth during the Asia Economic Crisis in 1998.

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