Malaysia’s Q1 GDP came in better than expected, but growth is still the worst since the GFC period, as economists at Standard Chartered note. USD/MYR is trading at 4.3255.
Key quotes
“Malaysia’s Q1 GDP grew 0.7% y/y, better than consensus expectations of a contraction, but the weakest since Q3-2009 on a y/y basis.”
“We raise our 2020 GDP growth forecast to -2.6% from -6.1%. We also revise up our 2021 GDP growth forecast to 8.3% from 7.2%.”
“We maintain our view of another 25bps rate cut in July.”
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