RAM sees GDP shrinking 4% this year, worse than initial forecast


“We expect Malaysia’s medium- to long-term economic recovery plan, to be unveiled in October, to incorporate a reform agenda to push developments in technology, labour market reforms and the promotion of attractive investment ecosystems for sustainable growth," RAM RAtings said.

KUALA LUMPUR: RAM Ratings expects Malaysia's economy to contract by 4% this year, exceeding its initial projection of -2.4% as the country is set to experience one of its worst recessions this year.

The rating agency said on Thursday this was mainly due to greater-than-expected industrial and labour market slack - the result of the various stages of the movement control order (MCO) endured by businesses and households that have crushed demand.

Save 30% OFF The Star Digital Access

Monthly Plan

RM 13.90/month

RM 9.73/month

Billed as RM 9.73 for the 1st month, RM 13.90 thereafter.

Best Value

Annual Plan

RM 12.33/month

RM 8.63/month

Billed as RM 103.60 for the 1st year, RM 148 thereafter.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
RAM Rating , GDP , shrink , MCO , capacity utilisation , exports

Next In Business News

Sentral REIT appoints Tay Hui Ling as CEO
Mega First to acquire 12.5% stake in Stenta Films for RM33.10mil
DXN inks MoU with Apex-Brasil to explore Brazil, eyes US$50mil investments
F&N to focus on innovation, diversification and transformation
Mulpha International invests US$20mil in Hong Kong's Sun Hung Kai bond programme
Ringgit breaches 4.04 level against US dollar after OPR maintained at 2.75%
Capital A’s Teleport to raise US$50mil via perpetual securities
Apex Healthcare to be delisted on Jan 27
Prudential to raise stake in Malaysia life insurer holding firm to 70% for US$377mil
BWYS shareholders approve RM67mil property disposal, RM94.5mil land acquisition

Others Also Read