Petronas Malaysia's economy last year contracted at its fastest pace in more than two decades, as the coronavirus shuttered businesses and severely affected the country's key export sectors including oil and gas, according to data by the country's Department of Statistics.
Overall GDP for the year 2020 shrank by 5.6 per cent, the sharpest contraction since the 1998 Asian Financial Crisis.The Finance Ministry had projected that the economy will contract by 4.5 per cent in 2020.
Malaysia had recorded 4.3 per cent GDP growth in 2019.
Malaysia’s fourth quarter GDP in 2020 declined by 3.4 per cent - a fall bigger than the 2.7 per cent decline in the third quarter.
The GDP had contracted by a whopping 17.1 per cent in the second quarter of 2020 due to complete lockdown that was imposed to curb the spread of Coronavirus infection.
Net exports fell 12.3 percent in 2020. The manufacturing sector shrank 2.6 percent, the agricultural sector declined 2.2 percent, and construction shrank by a fifth.
Malayasia had initially kept the virus in check by quickly imposing a lockdown. However the several restriction had to be imposed in October and November as country saw a resurgence of Covid-19 infections.
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.