Economic Outlook 2021 highlights

Some of the main points of the Economic Outlook 2021 report.

• The Malaysian economy is projected to rebound between 6.5% and 7.5% in 2021, supported by strong economic fundamentals and a well-diversified economy.
• In 2021, the services sector to rebound 7%; manufacturing sector, to grow by 7% in 2021 and 4.7% in 2021. In 2021, the construction sector to rebound 13.9%, boost from civil engineering.
• Stimulus packages totalling RM305bil to support both households and business.
• Brent crude oil to average US$42 per barrel, recover to pre-pandemic level in medium term.
• Gross national income to rebound by 7.8% to RM1.53 trillion in 2021. Gross national savings up by 2% to RM335bil,
• Consumer price index to normalise at 2.5% in 2021.
• Total employed persons at 15.1 million in 2020 and 15.3 million in 2021.
• The digital economy in Malaysia grew by 18.5% between 2015 and 2019 per annum.
• Govt mulls new laws to regulate the gig economy and to protect the welfare of the gig workers.
• As of August 2020, about 140 platforms providing gig and freelance opportunities. 540,000 gig and active freelance workers in Malaysia.