Malaysia’s GDP set to rebound next year, seen shrinking 6% this year

Bouncing back: Malaysia’s economy is projected to grow 6.6% next year, according to a report from Oxford Economics.

PETALING JAYA: Malaysia’s economy is forecast to shrink by 6% this year due to the impact of the Covid-19 pandemic, but it will rebound 6.6% next year, according to the Global Economic Outlook report from Oxford Economics.

The report, issued yesterday, said although the nationwide movement control order in Malaysia compounded the economic damage in Q2, the payoff has been apparent, with the pandemic situation currently in hand, which will aid the economy in regaining its footing.