by BERNAMA / pic by TMR FILE
KUALA LUMPUR – 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 Feb 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.