MARC said private consumption, the main driver of economic growth, will be hard hit in the near term due to the strict lockdown measures which include the closure of non-essential services.
PETALING JAYA: Malaysian Rating Corp Bhd (MARC) has lowered its gross domestic product (GDP) growth forecast to 3.9% on-year, which is lower than its previous review of 5.1% due to the contraction in private consumption following the strict lockdown measures.
In its report yesterday, MARC said its earlier January 2021 GDP growth forecast for Malaysia was 6.4%. “Since then, back-to-back mobility restrictions have prompted us to shave off our earlier forecast to 3.9% year-on-year for 2021, which is even lower than the previous review of 5.1%.
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