Malaysia's economic growth slipped to 0.7 per cent in the first quarter of this year compared to 4.5 per cent recorded in the same quarter last year.
According to Bank Negara Governor Datuk Nor Shamsiah Mohd Yunos, the sharp decline was due to measures taken to curb the COVID-19 pandemic.
“The Movement Control Order (MCO) order has an impact on growth. After we saw economic growth in the first two months, economic activity fell sharply following the implementation of the MCO on March 18, 2020.
“International and domestic travel restrictions, limited working hours and compulsory social distancing had affected the economy.
"Withdrawal is only allowed for basic goods and services," Shamsiah said at an online press conference here today.
Shamsiah said the position of the Malaysian economy was in line with most of the world's economies which also implemented movement control measures.
Inflation for the first quarter was at 0.9 per cent, with the balance of sales and service tax (SST) being impacted.
Meanwhile, the ringgit declined by 4.9 percent against the US dollar in the first quarter following the outflow of non-resident portfolio worth RM26.2 billion.
"Although many steps have been taken by most countries, investor sentiment is still affected by the weakness of global projection," she said.
Shamsiah also said Bank Negara predicted economic growth is expected to recover by the second half of 2020.
"When the control measures are liberalized, economic activity is expected to gradually improve by the second half of 2020," she said.
She added that it would be supported by the accelerated fiscal, monetary and global growth measures leading to major recovery by 2021.
Najib Aroff
Wed May 13 2020
According to Bank Negara Governor Datuk Nor Shamsiah Mohd Yunos, the sharp decline was due to measures taken to curb the COVID-19 pandemic. - FILEpic
Nahas helikopter Lumut: Baju raya terakhir ibu jadi kenangan buat anak kembar
Kenangan bersama ibu mereka, Bintara Muda TNL Nor Rahiza Anuar, 39, tidak akan pernah luput dari ingatan.
AWANI 7:45 [23/04/2024] – Ditukar kepada majlis tahlil dan doa | Tujuh lelaki dan tiga wanita | Desakan semakin kuat
Laporan berita padat dan ringkas #AWANI745 bersama Nickyson Nyambar
Tumpuan #AWANI745 malam ini:
- Perginya perajurit negara, sambutan Ulang Tahun ke-90 TLDM dibatalkan
- Perkembangan terkini pasca nahas helikopter TLDM
- Kuasa-kuasa besar lobi Turki, hentikan Misi Flotila
#AWANInews
Tumpuan #AWANI745 malam ini:
- Perginya perajurit negara, sambutan Ulang Tahun ke-90 TLDM dibatalkan
- Perkembangan terkini pasca nahas helikopter TLDM
- Kuasa-kuasa besar lobi Turki, hentikan Misi Flotila
#AWANInews
Jabatan Bantuan Guaman perlu main peranan dalam pelbagai kes, bukan hanya jenayah - Azalina
JBG diwujud bagi memberikan khidmat bantuan guaman kepada mereka yang layak berpandukan Akta Bantuan Guaman 1971.
AWANI Ringkas: Sambutan dibatalkan, digantikan dengan doa selamat
Ikuti rangkuman berita utama yang menjadi tumpuan sepanjang hari di Astro AWANI menerusi AWANI Ringkas.
Nahas helikopter Lumut: Laman sosial 503 Squadron dihujani doa, ucapan takziah
Satu daripada empat gambar yang dimuat naik itu memaparkan lima anggota TLDM melambai rakan mereka yang berlepas ke Lumut.
KPDN gesa syarikat kenderaan pengangkutan barangan segera kad fleet
KPDN menggesa syarikat kenderaan pengangkutan barangan di Semenanjung Malaysia yang terpilih untuk segera memohon kad fleet.
Pasaran getah Malaysia ditutup rendah
Pada 5 petang, harga rujukan MRB bagi SMR 20 fizikal berada pada 762 sen sekilogram manakala susu getah pukal pada 717 sen sekilogram.
Kemasukan ke hospital kerana hisap 'vape', termasuk golongan kanak-kanak meningkat 733 peratus dalam 4 tahun
Kemasukan kanak-kanak kerana penyakit berkaitan mengevap merupakan enam peratus daripada jumlah kemasukan keseluruhan dalam tahun 2020.
Sistem pendidikan perlu sinonim dengan pembangunan negara - Zambry
Ia selaras dengan pelbagai perubahan yang berlaku di sekeliling rakyat setiap masa dengan kemunculan teknologi-teknologi baharu seperti kecerdasan buatan (AI).
Nahas helikopter: KPWKM sedia beri bantuan sokongan psikologi kepada keluarga mangsa
KPWKM bersedia memberikan bantuan sokongan psikologi kepada keluarga mangsa yang terkorban dalam tragedi dua helikopter Tentera Laut Diraja Malaysia (TLDM) terhempas di Lumut, Perak pagi ini.