KUALA LUMPUR: Malayan Banking Bhd (Maybank), the country’s biggest financial services group, has forecast the Malaysian economy to shrink 3.3% this year due to the novel coronavirus (Covid-19) pandemic and the lower price of crude oil.
The bank also predicted Singapore, where it has significant business, to fall into a recession in 2020, while growth in Indonesia to slow to 2%.
“The year has turned out differently from our earlier expectations, ” group president and CEO Datuk Abdul Farid Alias said in the bank’s latest annual report.