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Recovery On The Horizon
8 Nov 2021 | Monday Source: Forbes Asia
Buoyed by a high vaccination rate that has surpassed 90% among the country’s adult population, and the pledge by the government to boost the economy, Malaysia is on track to recover strongly from the disruption brought about by the Covid-19 pandemic.
In its latest report on Malaysia’s economy, Bank Negara Malaysia noted that the economy grew by 16.1% in the second quarter compared to a contraction of 0.5% in the first quarter of 2021. It also said that the economic performance was supported mainly by the improvement in domestic demand and continued robust exports performance.
Bank Negara Malaysia says the Malaysian economy is projected to expand by between 3% and 4% in 2021. It believes that the expected reopening of the economy will support a gradual recovery in the fourth quarter this year, with higher global growth and sustained policy support providing a further lift to economic growth.
“Malaysia’s growth recovery is expected to broadly resume in the latter part of the second half of 2021 and improve going into 2022,” says Nor Shamsiah Mohd Yunus, Governor of Bank Negara Malaysia.
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