Guan Eng calls for new stimulus package after GDP contracts

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Former finance minister Lim Guan Eng says Indonesia, the Philippines and Singapore registered smaller declines in their GDP.PETALING JAYA: Lim Guan Eng has urged Putrajaya to introduce another stimulus package, similar to the one unveiled to battle the impact of the Covid-19 pandemic, following the recent contraction in gross domestic product (GDP). This is to prevent deflation, the former finance minister said. The government had in April allocated RM45 billion to cushion the economic impact of the virus outbreak. It was announced this week that Malaysia’s GDP had contracted 17.1% in the second quarter of the year after a 0.7% uptick in the last quarter, marking the lowest since the financial crisis in 1998. Lim said the GDP performance is the worst among middle- and upper-income Asean countries that have reported their second quarter figures. He pointed out that neighbours Indone…