Oil and gas woes hampering Muhyiddin's economic recovery plans for Malaysia

Malaysia recorded a trade deficit in April for the first time since the 1997 Asian Financial Crisis.
Malaysia recorded a trade deficit in April for the first time since the 1997 Asian Financial Crisis.PHOTO: REUTERS

KUALA LUMPUR - Falling oil and gas prices are a double whammy for Malaysia's economy as the Muhyiddin Yassin administration wrestles with the fallout from the Covid-19 pandemic.

Unemployment hit a three-decade high of 5 per cent in April. The country recorded a trade deficit in the same month for the first time since the 1997 Asian Financial Crisis, with mining exports (largely made up of crude oil and natural gas) suffering the steepest plunge at 31.5 per cent, far more than the 23.8 per cent overall.

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