Economic Growth In Malaysia During Covid 19

On march 19 the rm20 billion economic stimulus package pre 2020 was launched to help industries that were directly hit by the first wave of the covid 19 outbreak such as hotels and transport companies.

Economic growth in malaysia during covid 19. Economic impacts of covid 19 by now it is clear that this pandemic will have intensely damaging effects on both the malaysian macroeconomy as well as on the economic welfare of the rakyat. Covid 19 malaysia to open almost all economic sectors from may 4 with health protocols in place says pm muhyiddin southeast asia s third largest economy has taken a blow from sharp. After the outbreak entered the second wave and the mco was imposed more individuals and businesses were impacted. The june 2020 global economic prospects describes both the immediate and near term outlook for the impact of the pandemic and the long term damage it has dealt to prospects for growth.

On 21st march 2020 after the first outbreak of covid 19 undertook a review of the pandemic we announced the results of a preliminary analysis of the economic impact of the outbreak at that early stage which shows that our gdp would be reduced by 0 15 best case and 0 77 worst case. Kuala lumpur may 13 malaysia s economy grew moderately at 0 7 per cent in the first quarter of 2020 from 4 5 per cent in the same quarter last year as gross domestic product growth was affected by the covid 19 pandemic and the implementation of the movement control order mco. The first is the knock on effect from the impacts of the coronavirus abroad the second is generated domestically due to the newly imposed movement control measures. The main sources of economic damage in malaysia are twofold.