LETTER | The gov't will have to double down on the announced stimulus measures, expand their scope to more workers and businesses.
| Last month, former prime minister Mahathir Mohamad announced an economic stimulus package aimed at mitigating the impact of Covid-19 on the Malaysian economy.
Initially, the West saw the outbreak as a supply shock, with the impact primarily concentrated in China, and the effect on the global economy short-lived. The odds of a “U-shaped” GDP growth trajectory, with a prolonged period of lower or even negative growth, are now markedly higher. Economically, the first hit was mainly felt in Asia, for instance, due to the loss of tourism revenue from Chinese travellers, and limited, localised drops in consumer activity.
While Bank Negara has recognised the downside risks and cut rates in response, monetary policy alone is unlikely to be sufficient to prop up the Malaysian economy.
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