Malaysia unveils $4.9 billion in new aid for economic recovery

Malaysia unveils $4.9 billion in new aid for economic recovery
17 Mar 2021
Shoppers at a supermarket in Petaling Jaya, Malaysia. Reuters
Malaysia’s Prime Minister Muhyiddin Yassin unveiled a fresh round of stimulus on Wednesday, in the hope of breathing life into a pandemic-hit economy that last year saw its worst contraction since the Asian Financial Crisis.
Malaysia’s economy declined 5.6% in 2020, its worst performance since a 7.4% fall in 1998, owing partly to strict movement restrictions aimed at halting the COVID-19 spread.
Muhyiddin said the government would roll out 20 billion ringgit ($4.9 billion) of stimulus packages, including an 11 billion ringgit fiscal injection.
“At this stage, the economic recovery strategy will focus on efforts to revitalise and jumpstart the economy,” Muhyiddin said in a televised address.

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