2020 GDP projection remains at -5.5% to -3.5% despite COVID-19 resurgence – Tengku Zafrul

by BERNAMA / pic by BERNAMA

THERE is no further deceleration of the nation’s gross domestic product (GDP) projection despite the sudden rise in COVID-19 infections, and the 2020 growth projection remains between -5.5 per cent -3.5 per cent, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz (picture).

“The second wave is very much concentrated and more than 60 per cent is confined. We did not implement a Movement Control Order so all business activities are allowed to go on,” he said in an interview aired on the BFM radio station today.

He however admitted that for this year, Malaysia, along with 150 other countries, is undergoing a recession.

But come 2021, he said the economy would pick up and Malaysia’s GDP growth is expected to be around 5.5 per cent to 8.0 per cent – a projection that is in line with the stronger GDP forecast by the World Bank and International Monetary Fund.

Tengku Zafrul also said that the government had announced various stimulus packages which would end this year, and will continue to look at various avenues to save the people’s livelihood and focus on the recovery momentum in the upcoming Budget 2021.

“Of course, it is important to build our resilience (to ensure that) Malaysia can withstand future economic shocks,” he added.