KUALA LUMPUR: Malaysia has once again slipped into a technical recession as its economy contracted by 4.5 per cent in the third quarter of the year, said former prime minister Datuk Seri Najib Abdul Razak. (pix)
“All neighbouring countries have completed reporting economic growth rates for the third quarter of 2021. Malaysia is the only country that has officially fallen into technical economic recession at this time.
“A technical recession means the economy of a country declined for two consecutive quarters,“ Najib said on Facebook yesterday.
The former Finance Minister also pointed out that Malaysia has the worst economic growth rate for the same quarter among its neighbours.
“Indonesia’s economy grew by 3.5 per cent, Singapore by 6.5 per cent and the Philippines by 7.1 per cent, while Thailand experienced a slight decline of 0.3 percent.
“This came after Malaysia became the world’s only country to declare an…