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Malaysia's GDP shrinks 5.6% in COVID-marred 2020

After economy contracts 3.4% in Q4, central bank warns of ongoing jobs weakness

The coronavirus continues to hamper Malaysia's economy after a contraction in 2020.   © Reuters

KUALA LUMPUR -- Malaysia's economy contracted 3.4% in the fourth quarter of 2020, resulting in a pandemic-driven decline of 5.6% for the full year, the central bank announced on Thursday.

The drop in October-December marked the third consecutive quarterly contraction and clarified the extent of COVID-19's impact on the Southeast Asian country. The result was worse than the median forecast of a 3.1% fall in Q4, predicted in a Reuters poll of 12 economists.

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