Zafrul: Projection for 2021 GDP to be revealed in August

KUALA LUMPUR: The official projection for Malaysia's 2021 Gross Domestic Product (GDP) will be announced in August, says Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He said Malaysia’s fiscal deficit is expected to rise to between 6.5% and 7% of its GDP this year.

"The official projection will be announced in August together with the second half of the GDP report, where the impact of the movement control order (MCO) and the implementation of the National Recovery Plan on the economy on the first half of the year will be fully revealed," he said during his ministerial briefing at the Dewan Rakyat on Thursday (July 29).

He added that during the implementation of the lockdown recently, the country's losses were estimated to be RM1.1bil daily compared to an estimated RM2.4bil daily during the first MCO in March last year.

He said the Covid-19 pandemic had an impact on the labour market as well.

"However, the unemployment rate stood at 4.5% in May this year compared to 5.3% a year ago, the highest recorded since the 1990s," said Tengku Zafrul.