Xinhua
15 Sep 2020, 14:21 GMT+10
KUALA LUMPUR, Sept. 15 (Xinhua) -- The Asian Development Bank (ADB) on Tuesday revised down Malaysia's gross domestic product (GDP) forecast in 2020 to minus 5 percent, from minus 4 percent previously.
The bank, however, maintains Malaysia's economic growth projection next year at 6.5 percent.
In its Asian Development Outlook 2020 Update, ADB said the downgrades are made for countries including Malaysia, to accommodate weaker demand, lower global oil prices, and subdued domestic food prices.
Malaysia's GDP contracted by 8.3 percent year on year in the first half of 2020, a sharp reversal of 4.7 percent expansion in the same period of last year.
"The economy will continue to be dragged down by the adverse effects of the pandemic on consumption, exports, and investment," said ADB.
It also said Malaysia's economic outlook is vulnerable to external risks, in particular heightened volatility in international financial markets or a faltering global economic recovery.
The Malaysian central bank has expected the growth for 2020 at between minus 3.5 percent and minus 5.5 percent.
Get a daily dose of Manufacturing Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Manufacturing Mirror.
More InformationPublicly, Beijing has presented itself as a neutral party in the war sparked by Russia's full-scale invasion of Ukraine, claiming it...
London [UK], July 11 (ANI): New UK package of support for Ukraine's immediate and longer-term needs was tabled at Ukraine Recovery...
Arrests of critics mount as authorities allege a wide-ranging plot to overthrow Prime Minister Nikol Pashinyans government An Armenian...
Patna (Bihar) [India], July 9 (ANI): RJD leader Tejashwi Yadav on Wednesday heavily criticised the Election Commission of India for...
Fazilka (Punjab) [India], July 9 (ANI): Two accused in the murder of Abohar businessman Sanjay Verma were killed in retaliatory police...
Patna (Bihar) [India], July 8 (ANI): Bihar ADG Kundan Krishnan on Tuesday informed that the shooter who was involved in the businessman...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
New Delhi [India], July 11 (ANI): Trade negotiations between the United States and China are moving slowly, raising the chances that...
(Photo credit: Brad Penner-Imagn Images) Anthony Volpe scored the tiebreaking run on a bases-loaded sacrifice fly by Aaron Judge...
(Photo credit: Jordan Johnson-Imagn Images) Pete Crow-Armstrong crushed a pair of home runs and right-hander Colin Rea handled the...
GUANGZHOU, July 10 (Xinhua) -- As global industries accelerate their transition toward intelligence and sustainability, China's innovative...
URUMQI, July 10 (Xinhua) -- A total of 24 journalists from 23 countries have participated in a media tour of northwest China's Xinjiang...