World

Oxford Economics: Malaysia’s economy could shrink by 6 percent in 2020

Malaysia’s economy is forecast to shrink by 6 percent this year due to the impacts of COVID-19 pandemic, but it will rebound 6.6 percent next year, according to the Global Economic Outlook report from Oxford Economics.
Oxford Economics: Malaysia’s economy could shrink by 6 percent in 2020 ảnh 1A view of Malaysia (Photo: Internet)


Hanoi (VNA) - Malaysia’s economy is forecast to shrink by 6 percent this yeardue to the impacts of COVID-19 pandemic, but it will rebound 6.6 percent nextyear, according to the Global Economic Outlook report from Oxford Economics.

In its report issued on September21, Oxford Economics said though the nationwide movement control order inMalaysia compounded the economic damage in the second quarter, the payoff hasbeen apparent, with the pandemic situation currently in hand, which will aidthe economy in regaining its footing.

Malaysia’s exports wouldbenefit from improving Chinese import demand and the electronics cycle.Nonetheless, the speed of its recovery will likely slow given current sluggishglobal demand, high unemployment and weak investment, it said.

The report also said thoughthe Recovery Movement Control Order has been extended to December 31, almostall sectors have been allowed to operate.

However, only a smallnumber of sectors are still restricted such as night clubs and entertainmentcentres.

The restricted entry of foreign tourists has also caused difficulties for the tourism sector, which contributes to 15.2 percent of the country’sgross domestic product./.

VNA
#Malaysia’s economy#Vietnamplus#Vietnam News Agency#Global Economic Outlook report#Oxford Economics#Recovery Movement Control Order
Follow VietnamPlus

Related News

Malaysia, China enhance bilateral cooperation

Malaysia, China enhance bilateral cooperation

Malaysian Prime Minister Muhyiddin Yassin met with visiting Chinese State Councilor and Defense Minister Wei Fenghe in Kuala Lumpur on September 7, during which they discussed cooperation between the two countries.
Japan, Malaysia sign 3 billion USD currency swap deal

Japan, Malaysia sign 3 billion USD currency swap deal

Japan and Malaysia on September 18 signed a mutual currency swap arrangement to allow each side to provide the other up to 3 billion USD to prevent a financial crisis, the Japanese Finance Ministry said.
Malaysia’s domestic tourism grows 12 percent

Malaysia’s domestic tourism grows 12 percent

Malaysia’s domestic tourism continued to record better performance last year, recording a double-digit growth of 12 percent to 92.6 billion RM (22.4 billion USD), according to Bernama news agency.

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.