Selangor Journal
A man wearing a protective mask uses his phone as the Petronas Twin Towers are seen in the background in Kuala Lumpur, on April 12, 2021. — Picture by REUTERS

Malaysia’s fourth-quarter 2021 GDP forecast to grow 3.0 pct year-on-year

KUALA LUMPUR, Feb 7 — Malaysia’s gross domestic product (GDP) is expected to have grown 3.0 per cent year-on-year in the fourth quarter of 2021 compared with a 4.5 per cent contraction in the prior quarter, Moody’s Analytics said.

It expects continued strength in exports and a revival in private consumption to have supported Malaysia’s final quarter.

“Severe resurgence of Covid-19 weighed heavily on the economy through much of last year, resulting in consecutive quarters of contraction as households retreated and private investment took a back seat.

“The weakness in domestic demand more than offset the gains from a relatively strong trade position over this period. But domestic conditions improved in the final quarter,” it said in its Asia Pacific Economic Preview for the week of February 7-11, 2022.

It said higher vaccination rates and the easing of restrictions paved the way for a visible turnaround in retail spending since October 2021.

— Bernama

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