ADB lowers Malaysia’s growth forecast for 2021

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The extension of lockdown measures imposed in Q2 2021 is expected to weaken domestic demand again, says the Asian Development Bank. (Reuters pic)PETALING JAYA:The Asian Development Bank (ADB) has revised Malaysia’s 2021 growth forecast down from 6% to 5.5%, citing lockdown measures aimed at stemming the Covid-19 pandemic.The 6% forecast was made in April prior to the government’s announcement of a “total lockdown”. The restrictions have been eased in some states over the past two weeks.In its Asian Development Outlook 2021 released today, ADB noted that Malaysia posted a smaller GDP decline of 0.5% year-on-year in Q1 this year, with improvement in domestic demand and exports, particularly in the electronics and electrical sector.“However, an extension of lockdown measures imposed in Q2 2021 is expected to weaken domestic demand again,” it said in the report. “Business condition…