Covid-19 to affect first quarter economic growth, says BNM

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Bank Negara Malaysia governor Nor Shamsiah Mohd Yunus says the outbreak will especially hit the tourism industry badly. FMTNews NorShamsiahMohdYunus BNM GDP

KUALA LUMPUR: Bank Negara Malaysia said the outbreak of the coronavirus, which has since come to be known as Covid-19, will affect the country’s gross domestic product growth for the first quarter of 2020.

BNM governor Nor Shamsiah Mohd Yunus says the outbreak — which has claimed over 1,000 lives — will impact the tourism industry, including spending on hotels, retail transport and restaurants. “The overall impact of the virus on the Malaysian economy, however, will depend on the duration and spread of the outbreak as well as policy responses by authorities,” she said at the fourth-quarter GDP briefing here.For the fourth quarter of 2019, the economy grew by 3.6%, the lowest since the third quarter of 2009.

 

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