Kuala Lumpur, 28 August -The 17.1% GDP contraction in the second quarter of 2020, a double-digit drop had Bank Negara Malaysia (BNM) revising down the country’s 2020 GDP forecast to -3.5% to -5.5% from -2% to 0.5% previously. GDP contraction was a global trend with many countries reporting more negative figures than Malaysia.
CBRE APAC Mid-year Outlook 2020 has forecast a ‘checkmark-shaped’ recovery across Asia Pacific; a sharp downturn followed by a gradual rise. The possibility of a prolonged pandemic and further escalation in geopolitical tensions between Mainland China and the U.S and its allies may further weigh on business confidence and delay the economic recovery. Also looming ahead is the US 2020 Presidential elections, of which the outcome and the consequent ramifications are even more difficult to anticipate.