Bank Negara predicts negative economic growth for 2020

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Malaysia's economic growth will be between -3.5 percent and -5.5 percent for 2020, Bank Negara forecasts. This is down from its economic growth forecast in April, at between -2.0 percent and +0.5 percent. In a statement on Malaysia's economic and financial developments for the second quarter (Q2) of this year, Bank Negara said the economy was expected to rebound in 2021 at rates of 5.5 percent to 8.0 percent. Q2 gross domestic product (GDP) growth was -17.1 percent compared with the same period last year, and -16.5 percent compared with the last quarter on a seasonally-adjusted basis. "The decline reflected the unprecedented impact of the stringent containment measures to control the Covid-19 pandemic globally and domestically. "In Malaysia, the nationwide movement control order (MCO) included various measures that restricted production and consumption activities. …