The world economy in 2009 underwent a major financial crisis. While the U.S., Europe and Japan were hardest hit, Malaysia did not escape economic contraction, but it was among the first countries to show signs of recovery due to the Government’s timely stimulus measures and sound fiscal policy.
The U.S. experienced a 2.4% contraction in real GDP, Europe’s economy shrunk by 4.1% and Japan saw a 5.2% contraction.
World total merchandise trade was down 23% in 2009, and total commercial services trade declines by 14%.
ASEAN saw slower GDP growth of 1.3% in 2009, compared with 4.4% growth in 2008.
Malaysia’s economy shrunk in the first three quarters of 2009, but grew by 4.4% in the last three months of the year.
Malaysia’s trading volume fell in 2009, in line with the global slowdown, but experienced much smaller declines in terms of trade in services
Malaysia’s trade in goods, totaling RM988.2 billion in 2009, decreased by 16.6% from 2008.
Malaysia’s trade in goods, totaling RM988.2 billion in 2009, decreased by 16.6% from 2008. Lower volume was due to decreased global demand from Malaysia’s key trading partners.
Still, Malaysia maintained a trade in goods surplus of RM118.4 billion in 2009 for the 12 th consecutive year.
Malaysia’s trade in services, totaling RM195 billion in 2009, only decreased by 3.4% from 2008.
Services exports decreased by only 1.8%, though imports were down by 5%.
However, Malaysia recorded a stronger trade in services surplus of RM3.2 billion, up from 0.7 billion in 2008, based on an 11% increase in the export of travel related services.