Due to COVID-19 pandemic restrictions, the economy enters a technical recession, says Kenanga Research.
GDP growth decreased in the third quarter of this year (-4.5 percent year on year; 2Q21: 16.1 percent), falling short of Kenanga’s and market estimates (KIBB: -1.4 percent ; Consensus: -2.6 percent ).
The YoY growth decrease was caused by a general slowdown in all output sectors, as well as weak private consumption and investment and slower exports. (See Economic Viewpoint: Malaysian GDP in 3Q21.)
