KUALA LUMPUR, Malaysia — Malaysia’s economy suffered its worst contraction in more than 20 years during the second quarter, hit by a collapse in global trade and tough curbs to contain the coronavirus, the central bank said Friday. With the massive drop, Malaysia’s economic collapse due to the pandemic was the worst among its biggest peers in Southeast Asia. But Nor Shamsiah Mohamad Yunus, governor of Bank Negara Malaysia, the central bank, said the economy was poised for a recovery in the current quarter as virus-related restrictions are eased. “We are likely to see a trough in the second quarter. Malaysia is highly dependent on trade and tourism, with its key exports including palm oil, crude oil and natural gas.

Source: Philippine Star August 14, 2020 06:11 UTC