Malaysia in a recession, but also at a turning point

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From Paolo Casadio and Geoffrey WilliamsAs we had pointed out in our commentary on the latest economic performance data for Q3 2021, Malaysia is in a technical recession, which is defined by the US Federal Reserve as two successive quarters of economic contraction.It is the second time in two years that this has happened and in both cases, the cause is clearly the lockdown policy imposed by the government. This has been noted recently by former prime minister Najib Razak and it deserves some attention when politicians recognise the implications of the overreaction of the lockdown measures. However, as is often the case in economics, the story is not quite so simple. Malaysia’s economic slowdown started well before the Covid-19 shock with weak growth in Q3 and Q4 of 2019. It became worse after the first lockdown caused the recessionary phase in Q2 and Q3 last year.The deep 17.2%…