Malaysia’s economy projected to grow 6.7% in 2021

On the ringgit’s performance, global head of FX research Paul Mackel said the local currency, in line with Asian currencies, is resilient and has room to strengthen further, and is forecast to strengthen to 3.96 versus the US dollar by year-end.

KUALA LUMPUR: HSBC Group has projected Malaysia’s gross domestic product (GDP) growth for 2021 at 6.7% compared with an estimated 5.4% contraction last year.

Asian economics research co-head Frederic Neumann said the Movement Control Order (MCO) 2.0 currently in place was expected to pose economic challenges at the beginning of the year.