Commentary: Malaysia's economy has surprised many despite COVID-19. But for how long more?

SINGAPORE: Given the onslaught of events of late – low oil prices, supply chain disruptions, political drama and a pandemic – everyone expected the Malaysian economy to shrink in the first quarter of 2020.

It shrank by 7.1 per cent from a year earlier, and essentially lopped off a significant 4.7 percentage points from headline growth. This is no thanks to the lingering uncertainties on the resurgence of an outbreak. Any uptick in domestic political volatility would not help either.There are some silver linings, however. Compared to the other components, private consumption has held up remarkably well, growing 6.7 per cent compared to the year before.

An online Ramadan bazaar trader makes"Murtabak" Indian-style stuffed pancakes at his home, during the movement control order due to the outbreak of the coronavirus disease , in Shah Alam, Malaysia April 15, 2020. REUTERS/Lim Huey Teng

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