KUALA LUMPUR:The impact of COVID-19 on the economy is far greater than the trade war between the United States and China.

Prime Minister Tan Sri Muhyiddin Yassin said the health crisis and its impact on the global economic ecosystem was a major agenda for all APEC economies this year.

"Such a huge impact on the economy following this pandemic could cause regional development to contract 2.7 per cent this year, compared to growth of 3.6 per cent in 2019.

"This makes it almost the same contraction as recorded in 2009 during the global financial crisis," he told a virtual press conference on Friday.

He had previously chaired the APEC Economic Leaders Meeting (AELM) 2020 which was also held virtually with the participation of all leaders and representatives of 21 economists.

Muhyiddin further explained that the leaders also stressed on the importance of public-private partnerships and cooperation in the region.