S&P Global adjusts M’sia GDP growth forecast

“The deeper downturn has cut activity in the services sector and is resulting in sizeable job-losses – in June the unemployment rate jumped to 4.8% from 4.5% in May,” S&P said in a statement yesterday.

PETALING JAYA: S&P Global Ratings has lowered its growth forecast for Malaysia to 3.2% in 2021 from 4.1% earlier.

“Strong international trade is providing a sizeable buffer for growth this year. However, domestic demand is looking weaker. Lockdowns to manage the ongoing pandemic wave have now been in place for around three months.