The national economy contracted at 6.2% for the first three months this year compared to the same period last year, due to a global economic slump. Economists had expected only a 3.5% contraction.
Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz said at a media briefing yesterday that the financial crisis, which peaked last September and led to a general slowdown in economic activity, had taken longer than expected to be resolved.
She said “the deterioration was greater than expected” and that the exports outlook “remained weak”, adding that the outlook for April to June would depend largely on external factors.
Malaysia economy contracted 6.2% – larger than the expected 3.5%