Malaysia’s economic growth in the past 10 years has been fuelled by consumer and government spending. This Special Report explains why it is now crucial for the country to switch the engine of growth to more efficient, private sector-led investment into the sectors that will create higher-income jobs and greater economic value. To achieve this, a major structural overhaul of the economy, including regulations, will be necessary.

The global economy in 2020 is projected to fall into the deepest recession since World War II, as stringent lockdown measures to contain the Covid-19 outbreak caused an abrupt halt to almost all economic activities across both the developed and emerging-developing worlds.

According to the World Bank, gross ­domestic product among developed economies will shrink 7% this year while that of emerging and developing nations will drop by 2.5%, the first collective contraction in at least six decades.

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