ADB lowers Malaysia’s GDP to 5.5% for 2021

ADB said an extension of lockdown measures imposed in 2Q, 2021 is expected to weaken domestic demand again.

KUALA LUMPUR: The Asian Development Bank (ADB) has revised downwards the growth forecast for Malaysia to 5.5% for 2021 from its April projection of a 6% growth due to the fallout from restrictions imposed to curb the spread of the Covid-19 pandemic.

The Manila-based ADB said on Tuesday in 1q, Malaysia posted a smaller GDP decline of 0.5% year on year with improvement in domestic demand and exports, particularly of electronics and electrical products.