IMF too optimistic about 2021 rebound, say two economists

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Two economists say the pandemic has curtailed consumption and business income.PETALING JAYA: Economists disagree with a forecast by the International Monetary Fund that Malaysia’s economy will rebound in 2021 with a 7.8% growth rate.The IMF made the prediction in its latest Asia Pacific economic outlook report, after stating that Malaysia’s economy would likely shrink by 6% for the rest of this year, worse than the 3.8% contraction it had forecast in June.Two local economists, though agreeing with IMF’s downward revision for this year, say that its 2021 projection was “too optimistic”.Yeah Kim Leng, professor of economics at Sunway University said even a growth rate of 5-6% next year was only possible if Covid-19 is contained and borders reopened.Yeah Kim Leng.“Otherwise, the economy would not grow by more than 1% or 2%. A longer recovery period might be needed because of the …