GDP contracted by 5.6% in 2020 due to the COVID-19 pandemic and as falling oil prices hurt exports. Mobility restrictions, rising unemployment, and falling wages dented domestic demand, with private consumption contracting by 2.5%. Similarly, investment shrank by 12.2% and exports by 8.8%. Consumer prices fell by 1.1% despite a cut in the overnight policy rate to 1.75% in July. The fiscal deficit widened to 6.2% of GDP from 3.4% in 2019 as government revenue declined by 14.9% in. GDP growth was forecast to rebound to 6.0% in 2021 before the mid-2021 surge in COVID-19 cases. GDP is forecast to grow by 5.7% in 2022.
|Composite Stock Price Index 1||1.0 (Jul21)||1.0||1.0|
|Broad Money Growth 2||3.8 (Jul21)||3.8||3.4|
|Headline Inflation Rate 3||2.2 (Jul21)||3.4||-1.3|
|Industrial/ Manufacturing Production Growth Rate 3||1.4 (Jun21)||26.1||-0.4|
|Merchandise Export Growth 3||6.5 (Jul21)||6.5||31.5|
|Exchange Rate Index 4||112.4 (Aug21)||112.0||111.6|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database; Department of Statistics of Malaysia.|
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