MIER: Each MCO phase causes economy to contract 2pc, delay in lifting will deepen recession
Thursday, 23 Apr 2020 12:00 PM MYTThe proprietor of a convenience store waits for customers in front of his shop in Kuala Lumpur April 16, 2020. — Picture by Miera Zulyana
KUALA LUMPUR, April 23 — The Malaysian Institute of Economic Research cautioned policymakers today about the huge cost that the movement control order has had on the economy, warning of a deepening recession should restrictions be extended. Each phase of the MCO causes a 2 per cent contraction of the GDP, the think tank said in its 2020-21 economic outlook, as the restrictions enforced since March 18 now enter the sixth week. The third phase is scheduled to end April 28.
“It is known that the longer the containment policy is maintained by the Malaysian government beyond April 28, the deeper will be the recession in 2020,” it said in statement. “We had previously estimated that any extension of MCO by two weeks from April 14 could lead to economic contraction by 2 per cent of GDP growth.”
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