KUALA LUMPUR (Sept 15): Malaysians think that it would take two years or more for the economy to recover, according to the findings of a survey by global market research company Ipsos.

"Malaysians are cautious when assessing when a full recovery can be expected — a significant majority believe it will take two years or more, which is largely in line with global sentiment," Ipsos Malaysia managing director Arun Menon said in a statement on Wednesday.

He noted that as the pandemic wreaks havoc on economies worldwide, a key question is when a full recovery can be expected, especially since countries have experienced partial recoveries, only to be plunged into new periods of restrictions with severe impact on the local economies.

The survey — which polled 21,503 online adults aged 18-74 across 29 countries — also found that Malaysians, like the Chinese, Russians and South Koreans, trust that the government will lead the recovery. In contrast, the US public is the least likely group to trust big business to lead the recovery. They trust consumers (individuals) to take the primary responsibility for the country's economic recovery, Ipsos noted.

"Trust in the government leading the recovery effort is strong — half of Malaysians believe in the government taking the leading role, compared to a third globally," Arun said.

And in line with the global country average, Malaysians see new businesses, jobs and tourists as signs of recovery, Ipsos noted.

Meanwhile, unlike the rest of the world, the majority of mainland China believes that the Chinese economy has already recovered.

Last month, Bank Negara Malaysia cut its 2021 gross domestic product growth forecast for Malaysia to between 3% and 4%, from the previous forecast of between 6% and 7.5%.

The central bank said the revision in the annual growth forecast was made after taking into account the reimposition of nationwide containment measures.