Malaysia’s GDP in the first quarter was better than expected, but growth is still the worst since the GFC period, as noted by economists at Standard Chartered. The USD / MYR is trading at 4.3255.
“Malaysia’s first quarter GDP grew 0.7% year-over-year, better than consensus expectations for a contraction, but the lowest since the third quarter of 2009 year-over-year.”
“We are raising our forecast for GDP growth for 2020 to -2.6% against -6.1%. We are also revising our GDP growth forecast for 2021 to 7.3% from 7.2%. “
“We are maintaining our view on a further rate cut of 25 basis points in July.”