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In addition, the Malaysian economy contracted 5.6% for all of 2020, its worst performance since the 1998 Asian Financial Crisis. [ 6 ] The travel, hospitality and entertainment sectors were particularly hit hard by the COVID-19 pandemic but the ecommerce, technology and healthcare sectors thrived despite facing supply chain disruptions.
The economy of Malaysia is an emerging and developing, upper-middle income, highly industrialised, mixed economy.It ranks the 36th largest in the world in terms of nominal GDP, however, when measured by purchasing power parity, its GDP climbs to the 30th largest.
From 3 May 2021, the Malaysian Government reimposed a two-week Movement Control Order in Johor, Kuala Lumpur, Penang, Sarawak, and Selangor in response to a spike in COVID-19 cases. Schools were closed and social and religious activities were banned. While some economic activities were allowed, eateries can only provide takeaway services. [115]
The goal of the NEM, according to Najib, is to "transform the Malaysian economy to become one with high incomes and quality growth" by 2020. [ 1 ] [ 2 ] At the time of the plan's unveiling in 2010, per capita annual income in Malaysia stood at 23,100 Malaysian ringgit , approximately $7,000 in US currency ; under the plan that figure would more ...
The UNHDP Report shows that the richest 10% in Malaysia control 38.4% of the economic income as compared to the poorest 10% who control only 1.7%. However, according to official statistics from the Prime Minister's Department, inequality has been decreasing steadily since 1970, with the Gini coefficient dropping to an all-time low of 0.40 in ...
In an 26 April 2020 report, Human Rights Watch criticised the Malaysian authorities for imprisoning people for violating the country's movement control order, putting their lives at a relatively greater risk of being infected by the virus. More than 15,000 people have already been arrested for going against the orders on 18 March 2020. [68]
Poverty in Malaysia is a controversial economic issue. ... it was 5.1 percent down from 7.5 percent in 1999. The number of poor households declined by 25.6 percent to ...
APEC Malaysia 2020 was the year-long hosting of Asia-Pacific Economic Cooperation (APEC) meetings in Malaysia [1] [2] from December 2019 until November 2020. [3] Due to the COVID-19 pandemic , most of the meetings were held virtually , including the culminating Economic Leaders' Meeting.