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.
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