NSTopinion Putrajaya needs to organise practical measures to prevent a severe contraction in the supply side at the micro level.
To tackle a situation where the enemy is invisible and not discriminatory requires extreme measures. Thus, every citizen has high expectations of the Prihatin Rakyat stimulus package. Furthermore, up to this point, another RM10 billion was added for wage subsidies for small and medium enterprises. The total cost of the financial aid is RM260 billion.
This amount is five times more than the injected money. This is a crucial takeaway. Cash handouts are vital for many workers’ livelihoods for at least the next two months because presently they are already on no-pay leave or on lower income. The support surely helps them to stay above the relative poverty line with a reasonably decent living standard in food and shelter.
Malaysia’s national debt to GDP ratio is about 53 per cent whereas the primary balance on average is about 3.0 per cent of GDP. RM35 billion is about 2.3 per cent of GDP. Government responses are necessary evils. This intervention is not a panacea but it supports aggregate demand in preventing ferocious economic deceleration. However, in 2020 and beyond, it is not sufficient to rejuvenate the usual vibrancy to the level before the outbreak. Hence Putrajaya needs to organise practical measures to prevent a severe contraction in the supply side at the micro level.
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