KUALA LUMPUR, Feb 22 — The successful roll-out of the National Covid-19 Immunisation Programme will be a key factor in determining Malaysia’s road to economic recovery, according to the Asia Pacific Investment Bank Ltd (APIB).

Its Asset Management Department director Lai Heow Gran stated that the programme will curb the spread of the pandemic and will help drive economic recovery.

"However, the economy may be at risk if the vaccinations are unable to keep up with the evolution of the virus,” he said in a statement today.

Meanwhile, he noted that Malaysia is expected to benefit from the economic recovery in Singapore and China — two of its largest trading partners.

Lai also forecasted the Overnight Policy Rate (OPR) in the first half of 2021 to remain at 1.75 per cent to drive market growth.

On e-commerce, he said that although the Covid-19 pandemic impacted the overall national economy, it had catalysed the rapid development of Malaysia’s e-commerce sector.

He highlighted that in 2020, the total value of e-Money transactions in the country surged by 60 per cent year-on-year to a record high of RM29.4 billion.

"It is estimated that the total value of Malaysia’s e-commerce will reach RM36.1 billion in 2021 and RM41.7 billion in 2022,” Lai added. — Bernama