Jolted by pandemic, Malaysia Q1 GDP seen shrinking for first time in decade KUALA LUMPUR : Malaysia’s economy is expected to have contracted for the first time in more than a decade in the first quarter as the coronavirus crisis shattered private consumption and external demand. The median forecast from a poll of 12 economists was for gross domestic product to decline 1.5% in January-March from a year earlier, the first contraction since the third quarter of 2009 during the global financial crisis. Individual forecasts ranged from GDP growth of 0.8% to a decline of 4.2%. The GDP data is due tomorrow. Southeast Asia’s third-largest economy took a heavy blow from sharp downturns in tourism, external trade and global crude prices, made worse by poor domestic activity due to curbs on movement and businesses, Alex Holmes, Asia economist for Capital Economics said in a research note on Friday. “While a gradual easing of restrictions, both at home and abroad, should see activity rebound in the second half of the year, output is still likely to be much lower in 2020 than last year,“ said Holmes, who forecast the economy to contract 5% in 2020.