ADB downgrades Malaysia's 2020 growth forecast

Xinhua
15 Sep 2020, 18:51 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.

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