Malaysia’s Gross Domestic Product (GDP) forecast of between 6 and 7.5 percent this year will be revised, according to Finance Minister Tengku Zafrul Tengku Abdul Aziz.
Malaysia Finance Minister Tengku Zafrul Abdul Aziz. (Photo: BERNAMA)
Kuala Lumpur (VNA)🐼 – Malaysia’s Gross Domestic Product (GDP) forecastof between 6 and 7.5 percent this year will be revised, according toFinance Minister Tengku Zafrul Abdul Aziz.
He attributed it to the impact of the Full Movement Control Order (FMCO) which hasbeen applied since the beginning of June.
Speaking at a news conference on June 29, Zafrul Aziz said a hope of a strong economicrecovery for the Southeast Asian nation is dampened by the severe restrictions imposed under Phase 1 of the National Recovery Plan.
Earlier on June 24, the World Bank (WB) revised down Malaysia’s GDPgrowth forecast to 4.5 percent in 2021 from 6 percent estimated in March amid adramatic resurgence of the COVID-19 pandemic beginning in mid-April in the latest edition of Malaysia Economic Monitor.
According to WB’s economists, Malaysia’s economic recovery is being hindered bya resurgence in infections since mid-April, coupled with the re-imposition ofthe Movement Control Order (MCO) that is expected to have a significant impacton private consumption.
ꦇ Malaysia's economy had shrunk by 17.1 percent in the second quarter of2020, continued to shrink by 2.7 percent and 3.4 percent in the following twoquarters, and fell by 5.6 percent for the whole year. In the first quarter of this year, although Malaysia had to impose travelrestrictions, the economic decline slowed down to only 0.5 percent./.
The Malaysia Digital Economy Corporation (MDEC) has announced the MyDigitalWorkForce Work In Tech (MYWiT) initiative, described as a training and hiring programme aimed at boosting the digital business services sector as well as developing quality tech talents in the country.
Malaysia will likely record a strong economic recovery in the fourth quarter of this year if the government's actions to contain the coronavirus are proven to be effective in bringing down the number of COVID-19 cases.
The World Bank (WB) has revised down Malaysia’s GDP growth forecast to 4.5 percent in 2021 from 6 percent estimated in March and 6.7 percent last December amid a dramatic resurgence of the COVID-19 pandemic beginning in mid-April.
The Malaysian government will soon announce a comprehensive form of assistance for various groups in the country who are affected by the strictest movement control or Phase One under the National Recovery Plan to curb the spread of COVID-19, said Prime Minister Tan Sri Muhyiddin Yassin.
Laos recorded 10 new cases of COVID-19 over the past 24 hours, including one community infection in Vientiane and nine imported cases, the Lao Health Ministry said on June 27.
A six-month moratorium will be given to all individual borrowers whether they are from the B40 (Bottom 40 percent), M40 (Middle 40 percent) or T20 (Top 20 percent) groups, or micro-entrepreneurs, Malaysian Prime Minister Muhyiddin Yassin said on June 28.
Malaysia will launch a national policy on the fourth Industrial Revolution (National 4IR Policy) on July 1 in order to drive the integrated efforts in transforming the socio-economic development through the use of advanced technology.
The handover ceremony was held at the Malaysian Embassy headquarters in Mexico City on August 8, with the presence of heads of diplomatic missions from ASEAN member states in Mexico.
Total trade between Indonesia and New Zealand in the first half of 2025 reached 963.23 million USD, an increase of 21.56% compared to 792.39 million USD in the same period last year. Of this amount, Indonesia's exports to New Zealand totaled 374.89 million USD, while imports 588.35 million USD
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Malaysia Finance Minister Tengku Zafrul Abdul Aziz. (Photo: BERNAMA) 
