Malaysia's economy contracted in the year 2020 at the fastest pace since the 1998 Asian financial crisis as the coronavirus pandemic weighed on household spending and investment, data from the Bank Negara Malaysia showed on Thursday.
In 2020, gross domestic product was down 5.6 percent, in contrast to the 4.3 percent expansion posted in 2019. The latest decrease was the largest since 1998.
Due to the second wave of infection, GDP dropped at a faster pace of 3.4 percent annually in the fourth quarter, after easing 2.6 percent a quarter ago. This was the third consecutive fall and bigger than the economists' forecast of -3.1 percent.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.