Retail Banking in Malaysia - Coronavirus (COVID-19) Sector Impact
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with most of the countries across the world registering declines in their economic growth for the year to date. Many economists and institutions have cut their forecasts as a number of countries officially slipped into recession in Q1 2020.
Malaysia’s GDP has been revised downward for 2020 due to the economic disruption caused by Coronavirus. With the government now easing lockdown restrictions and allowing businesses to reopen in a phased manner, a rise in consumer and commercial spending is expected, which in turn will support the retail banking industry.
This report focuses on the impact of the coronavirus outbreak on the economy and the retail banking industry in Malaysia. Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat coronavirus.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook