Economic recovery may be derailed by Covid surge - stats department

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Malaysia's economic recovery momentum may be derailed by the record-breaking daily new Covid-19 cases, warned the Department of Statistics Malaysia (DOSM).It said this will dim prospects for stronger performance in the third quarter of 2021 despite the ongoing vaccine rollout.“Given the scenario, the Leading Index (LI) posted a slower annual growth of 0.5 percent in June 2021. However, the LI declined 2.8 percent month-on-month.“As such, a challenging economic outlook is forecasted for Malaysia in the months ahead,” said DOSM chief statistician Mohd Uzir Mahidin in a statement today in conjunction with the publication of the latest Malaysian Economic Statistics Review (MESR).Accordingly, Bank Negara Malaysia (BNM) has revised its full-year gross domestic product (GDP) growth forecast for Malaysia to between 3 and 4 percent from the previous estimate of between 6 and 7.5 pe…