MARCH 19 — We need a second round of economic package to cushion the impact of Covid-19, with a slight change of strategy from ‘stimulating’ the economy to ‘protecting’ productive potential as the crisis worsens. The first-round economic stimulus is announced as a RM20 billion package:...
Thursday, 19 Mar 2020 05:16 PM MYT
The first-round economic stimulus is announced as a RM20 billion package: RM3.5 billion from Federal Government expenditure, RM3.5 billion from BNM and RM13 billion from the reduction of the EPF minimum employee contribution rate. This means that some of the measures e.g. promoting domestic tourism would not make sense now. As pointed out by a few prominent economists, it also wouldn’t make sense to stimulate aggregate demand when we have social distancing to prevent the escalation of a pandemic.
Therefore, the short-term strategy should shift away from stimulating economic activities to protecting businesses and households, so that they have sufficient resources to ride out the shocks of the next few months and can restart production as soon as the crisis is over.
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