PM: Economy showing signs of recovery

 

The national economy has started showing signs of recovery, thanks to the various initiatives introduced by the Perikatan Nasional government to mitigate the impact of the global Covid-19 pandemic. Bank Negara Malaysia projected that the country’s economy is expected to record a growth of between negative 5.5 per cent and negative 3.5 per cent for this year. - Photo by ASYRAF HAMZAH/NSTP

KUALA LUMPUR: The national economy has started showing signs of recovery, thanks to the various initiatives introduced by the Perikatan Nasional government to mitigate the impact of the global Covid-19 pandemic.

Prime Minister Tan Sri Muhyiddin Yassin cited several indicators including the projection made by Bank Negara Malaysia on the country's economic growth.

"According to Bank Negara Malaysia, the country's economy is expected to record a growth of between negative 5.5 per cent and negative 3.5 per cent for this year.

"This means that the economy is expected to recover and register growth during the second half of the year.

"Insyallah (God Willing), the country's economy is expected to grow between 5.5 per cent and eight per cent next year," he said in his speech when unveiling the RM10 billion worth of Kita Prihatin programme.

The country's economy, he said, had initially recorded a large contraction in its gross domestic product (GDP) during the second quarter of this year, which stood at negative 1.7 per cent due to the implementation of the Movement Control Order (MCO) that forced the closure of several economic sectors.

The situation, he said, started to register positive growth following the decision by the government to relax certain restrictions with the reopening of several economic sectors subject to strict adherence to the standard operating procedures enforced by the authorities. - NST