Economy shrank by 8.3pct during first half of 2020

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The economy shrank by 8.3 percent during the first half of this year compared with the same period last year, according to the Department of Statistics (DOSM).According to the department's Malaysian Economic Statistic Review Vol 5/2020, there are signs of recovery since July.The industrial production index (IPI, a measure of real output) had registered 1.2 percent growth in July after four consecutive months of negative growth.Negative growth in the wholesale and retail sector was also easing. This, coupled with better commodity productions and higher exports were also positive indicators, said the DOSM.A key recommendation by the DOSM was to stimulate local consumption to reduce reliance on external demand, particularly in the tourism sector, which has been badly hit by the Covid-19 outbreak. DOSM said that the tourism industry contributed 15.9 percent of the nation's …