Covid-19: Malaysian retail sector posts worst performance since 1987 global recession
KUALA LUMPUR, July 13 -- The retail industry shrank by more than 11 per cent in the first quarter of this year in its worst performance since the 1987 global recession.
Retail sales grew at a negative 11.4 per cent compared to the same period last year albeit lower than the initial forecast of -18.8 per cent by April 2020, the Malaysia Retailers Association (MRA) noted in its July report.
"This year has been the worst period for retailers in Malaysia since 1987. The retail market turned into a bloodbath in the middle of March with the implementation of movement control order (MCO)," the group said.
The government imposed strict movement restrictions starting March 18 after daily cases of Covid-19 spiked towards the end of February, hit...
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