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Economy

Malaysia's GDP grows 16.1% in Q2 but COVID darkens outlook

Central bank sharply downgrades full-year growth target to 3-4%

Malaysia continues to face serious headwinds despite a significant GDP rebound in the second quarter.   © Reuters

KUALA LUMPUR -- The Malaysian economy grew 16.1% on the year in the second quarter of 2021, the central bank announced on Friday -- a consolation for a Southeast Asian country facing relentless COVID-19 infections, lingering movement restrictions and persistent political uncertainty.

But at the same time, the bank issued a reality check by sharply cutting its full-year gross domestic product growth target to 3.0% to 4.0%, versus the initial 6.0% to 7.5% range.

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