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The COVID-19 pandemic hit the global economy in the second quarter of 2020. Malaysia was one of the countries affected, experiencing a sharp economic contraction of -17.1%, its lowest since 1998. Based on expenditure, only government spending showed positive growth at 2.3%. Gross fixed capital formation (GFCF) contracted significantly by 28.9%.
The same trend was observed across economic sectors. Only the agricultural sector showed positive growth of 1%. Other sectors experienced negative growth, with the manufacturing sector contracting sharply by 44.5% and the construction sector by 20%.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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