logo |

News

    Home   >     Industry    >     Main body

    Malaysia officially in technical recession, says Najib

    Abstract:Malaysia has officially fallen into a technical recession based on the nation’s economic growth in the third quarter of the year, according to former prime minister Najib Razak.
    Najib

      A technical recession refers to when a country experiences a decline in its gross domestic product (GDP) for two consecutive quarters.

      Najib said Malaysia was the only country among regional neighbours that reported a contraction in economic growth for two quarters in a row.

    “Malaysia is also the worst in terms of economic growth rate from year-to-year for the third quarter of 2021, compared to our neighbours,” he said in a Facebook posting.

      Indonesias economy grew by 3.5%, Singapore by 6.5% and the Philippines by 7.1%, while Thailand experienced a slight decline of 0.3%. In comparison, Malaysia recorded a negative growth of 4.5%, he said.

      Najib attributed it to Malaysia being alone among countries in the world to have declared a state of emergency to suspend Parliament as an excuse to combat Covid-19.

      “But actually, they wanted to remain in power,” he said, referring to the previous Perikatan Nasional government led by Muhyiddin Yassin.

      “The Emergency was imposed, RM600 billion of the nation‘s money was spent and one of the longest half-baked lockdowns was imposed, devastating the people’s economy and small businesses,” he said.

      Despite that, Malaysia had among the highest rates of Covid-19 cases and Covid-19 deaths in the region and globally.

      “The prices of goods also increased exponentially due to the half-baked lockdown, something that even Lim Guan Eng understands,” he said, citing a recent statement by the former finance minister on the rise in food prices.

    updated.jpg

    Read more

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United States Dollar
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.