Azmin: Bank Negara to release revised growth for Q2 soon

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Minister of International Trade and Industry Datuk Seri Azmin Ali speaks to the press during a visit to the Bukit Jawi Golf Resort vaccination centre in Penang June 17, 2021. — Picture by Sayuti Zainudin
Minister of International Trade and Industry Datuk Seri Azmin Ali speaks to the press during a visit to the Bukit Jawi Golf Resort vaccination centre in Penang June 17, 2021. — Picture by Sayuti Zainudin

SEBERANG PERAI, June 17 — The Malaysian economy saw green shoots of recovery in the second quarter of this year, said Datuk Seri Mohamed Azmin Ali.

The international trade and industry minister said there were improvements in trade and investment performance during this period.

“We see foreign direct investments coming back. The decision to invest here shows their confidence in our country,” he said during a press conference at the Bukit Jawi Golf Resort Covid-19 vaccination centre (PPV) under Program Immunisasi Industri Covid-19 Kerjasama Awam-Swasta (Pikas).

He said Bank Negara Malaysia is expected to release the country’s revised economic growth for the second quarter soon.

As for the impact of the current total lockdown on the economy, Azmin said it remains to be seen.

“We will need to see the effect of this lockdown on the economy since the lockdown is extended to June 28,” he said.

He said the impact of the first movement control order (MCO) last year was huge.

“MCO 1.0 cost us RM2.5 billion per day and the economy contracted by 17.1 per cent in the second quarter of 2020,” he said.

Azmin said it took the RM340 billion stimulus package to stabilise the country’s economy.

He said it is important to accelerate the national Covid-19 vaccination rate so that herd immunity can be reached.

“This is so that we can re-open other economic sectors soon,” he said.

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