Impact of COVID-19 on Malaysia Economy Market Size, Share, Trends, Analysis and Forecast - 2025

Malaysia, an ASEAN country had witnessed its first case related to COVID-19 in the last week of January 2020. The cases related to COVID-19 increased in March 2020 and now registered most cases of COVID-19 in ASEAN. By the first week of April 2020, the country has registered more than 4,100 cases related to corona virus.

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Key companies operating in Malaysia whose business operations are affected due to COVID-19 include AirAsia Berhad, Genting Malaysia Berhad, Malaysia Airlines Berhad, Malaysia Airports Holdings Berhad, PROTON Holdings Berhad, the Perusahaan Otomobil Kedua Sendirian Berhad, and others

As per the International Monetary Fund, the GDP of the country was $365 billion in 2019. As per the Central Bank of Malaysia, the growth of the GDP of the country was 4.3% in 2019 as compared to 4.7% in 2018. However, in April 2020, it is estimated that the growth of the GDP in 2020 will be in the range of -2% to 0.5% mainly due to the COVID-19 pandemic. In the wake of increased cases due to COVID-19 pandemic, the government has announced a nationwide Movement Control Order from 18th March to 31st March, which later extended to 14th April. Under this, the citizens of the country are not allowed to leave the country. However, the citizens are allowed to return to the country after a strict medical examination and have to self-quarantine for 14 days.

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The impact of COVID-19 pandemic on Malaysia's economy is studied by classifying the economy into energy, healthcare, retail & e-commerce, aviation, manufacturing, travel & tourism, and other verticals. Most affected sectors in the country include aviation, tourism, and other temporary works. After the Movement Control Order, Malaysian Airlines announced to cancel around 4,000 flights all across the globe. The national airline has suspended all flights to India and the Philippines. The country has announced multiple packages to revive the economy. On 27th February 2020, the country announced a package of $4.56 billion to promote tourism and other industries in the country. After a month, the country announced a package of $58 billion to provide aid to families and business which were affected due to COVID-19.

Numerous manufacturing companies have shut down their operations due to the corona virus. Proton announced that during the Movement Control Order, the company will shut its production, sales, and after-sales operation throughout the country. Perodua, Mitsubishi Motors Malaysia, Mazda Malaysia, Honda Malaysia, Triumph Malaysia, Volkswagen Passenger Cars Malaysia (VPCM), and other automotive companies also announced to suspend their operation during the period of Movement Control Order in the country.

Verticals Affected Most

• Automotive
• Energy
• Healthcare
• Retail & E-commerce
• Aviation
• Manufacturing
• Travel and Tourism
• Others (Construction, Electronics)

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