Malaysian economy shrinks 5.6%

A customer trying on at a gold shop in Kota Baru. The coronavirus pandemic has had a devastating impact on the economy which shrank 3.4% in the fourth quarter of 2020. – AFP pic, February 11, 2021.

THE economy shrank 3.4% in the fourth quarter (Q4) of 2020 with the Covid-19 resurgence, bringing the full-year contraction to 5.6%.

Department of Statistics chief statistician Dr Mohd Uzir Mahidin said Malaysia’s last contraction was in 2009 at -1.5% and 2020’s contraction was the worst since the 7.4% decline in 1998.

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