Economists warn of the consequences of a prolonged lockdown on the economy. FMTNews MCO Economy Malaysia
Daily life has come to a standstill nationwide since March 18, when the movement control order to contain the Covid-19 pandemic was declared.
“Otherwise, more businesses will fail and unemployment will rise drastically,” Kameel, a former dean of the Institute of Islamic Banking and Finance at the International Islamic University Malaysia, told FMT.Carmelo Ferlito of the Institute for Democracy and Economic Affairs also called for the relaxation of restrictions in green and yellow zones and the speedy reassignment of red zones.He noted that Italy, one of the countries worst hit by Covid-19, would resume all economic activities in June.
“Some businesses may permanently collapse. The disruption in global supply chains is capable of causing a global food crisis too and we must avert this,” he added.Socio-Economic Research Centre executive director Lee Heng Guie said the government should consider easing the MCO in phases. He also said there were concerns over litigation risks arising from the inability of companies to honour contractual obligations.
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