Malaysia will likely record a strong economic recovery in the fourth quarter of this year if the government's actions to contain the coronavirus are proven to be effective in bringing down the number of COVID-19 cases.

The Malaysian economy is on a solid recovery trajectory before May 2021 with a much improved real gross domestic product (GDP) growth performance in the first quarter (Photo: Reuters)

Minister in the Prime Minister's Department in charge of economic affairs Datuk Seri Mustapa Mohamed said the Malaysian economy was on a solid recovery trajectory before May 2021 with a much improved real gross domestic product (GDP) growth
performance in the first quarter and a strong rebound in a number of economic indicators.

Unfortunately, the increase in COVID-19 cases, and subsequent implementation of lockdown measures, has had an impact on the country's economic recovery.

The World Bank has revised its projected Malaysia's GDP growth downwards to 4.5 percent this year due to impacts of the ongoing pandemic.

Mustapa said the government is pushing forward with the national vaccination programme and with the National Recovery Plan en route, the country is set for a strong economy recovery. It also provides reassurance for Malaysian workers and businesses, especially by outlining clear timelines regarding the gradual reopening of this Southeast Asian economy.

Prime Minister Muhyiddin Yassin on June 15 announced a National Recovery Plan with four specific phases to bring the Southeast Asian country out of the economic and health crisis caused by the COVID-19 pandemic.

Source: VNA