Bank Negara Malaysia (BNM) expects the Malaysian economy to grow between 6.0% to 7.5% in 2021.
Malaysia’s exports extended its expansion substantially to 17.6% yoy in February
The IHS Markit Malaysia Manufacturing PMI increased to 49.9 in March of 2021.
President Joe Biden unveiled a $2tn plan.
In March 2021, China's Manufacturing PMI was 51.9%
MALAYSIA ECONOMY
Bank Negara Malaysia (BNM) expects the Malaysian economy to grow between 6.0% to 7.5% in 2021, compared to -5.6% in 2020, supported by economic recovery amid post-pandemic rebound. BNM said that the domestic economy would be underpinned by the recovery in global demand and gradual improvement in domestic economic activity. The growth also would be support by less stringent containment measures, vaccination, and gradual improvement in labor market conditions. However, Bank Negara said the COVID-19 developments remain key in influencing Malaysia’s growth trajectory in 2021, particularly the extent and duration of containment measures and the rollout of vaccines. Bank Negara said headline inflation is forecasted to average higher within the range of 2.5% to 4.0% in 2021(2020: -1.2%), due mainly to cost-push factors such as the expected increase in global oil prices, as well as the lapse in the effect from the tiered electricity tariff rebate introduced in April 2020. dissipates. Without the direct upward impact from higher global oil prices, underlying inflation, as measured by core inflation, is projected to remain positive, averaging between 0.5% to 1.5%.
Malaysia’s exports extended its expansion substantially to 17.6% yoy in February from RM74.5bn in February 2020 to RM87.6bn. Exports maintained its year-on-year positive growth for six consecutive months. This expansion was also the fastest since October 2018. Domestic export stood at RM71.4bn contributed 81.6% to the total exports, grew by 10.4% yoy (Jan: +6.3%). While, there-exports which was value at RM16.1bn, went up by 65.0% yoy (Jan: +7.5%). Imports also rose strongly and posted the largest rise since Jun 2018 by 12.7% to RM69.7bn in February compared to 1.3% growth in the previous month. Total trade rose by 15.4% to RM157.3bn. Trade surplus surged by 41.6% yoy to RM17.9bn, sustaining a double-digit growth for ninth consecutive months. For the first 2 months of 2021, trade surplus recorded a double-digit growth of 39.8%to RM34.5bn compared to the same period of 2020. Total trade was valued at RM319.9bn, an increase of 9.4%. Exports which totaled RM177.2bn, surged by 11.7% while imports were RM142.7bn, increased by 6.6%.
The IHS Markit Malaysia Manufacturing PMI increased to 49.9 in March of 2021 from 47.7 in February. This was the eighth straight month of contraction in the sector but the smallest contraction in the current sequence, with the headline Index reaching its highest since July 2020.
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