ADB downgrades Malaysia's 2020 growth forecast

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.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iraq Sun.

More Information

null in null

International

Section

Sources: Meta won’t alter data model, faces fresh EU charges

BRUSSELS, Belgium: Meta is holding firm on its controversial pay-or-consent model, a move that could lead to fresh antitrust charges...

Trump’s tariff push could push US rates above 20%, ICC says

LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according...

U.S. Urged to Investigate After Israeli Settlers Beat Palestinian-American to Death

The family of Sayfollah Saif Musallet, a 20-year-old American citizen who was beaten to death by Israeli settlers in the occupied West...

New Hampshire federal court ruling defies Trump’s citizenship move

CONCORD, New Hampshire: A federal judge in New Hampshire issued a crucial ruling on July 10 against President Donald Trump's executive...

Houthis attack cargo ship in Red Sea, raising maritime safety fears

DUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...

Trump administration restarts Ukraine arms deliveries

WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...

Arab

Section