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Malaysia Loses Around RM2.4 Billion Each day Will Resume Business on May 4, 2020


KUALA LUMPUR, May 1 — Almost all economic sectors and business activities in Malaysia will be allowed to resume operations starting May 4, subject to the terms and the Standard Operating Procedures (SOP) set by the authorities, said Prime Minister Tan Sri Muhyiddin Yassin.

He said the Economic Action Council, the National Security Council and the Cabinet had discussed on ways to balance between the need to revive the country’s economy and curbing the COVID-19 pandemic.

“Based on the advice from the Ministry of Health which is on the basis of the accumulated data and the best practices determined by the World Health Organisation, the government has decided to reopen the economic sectors, albeit with strict health SOPs,” he said in his Labour Day 2020 special message here, today.

Meanwhile, he said the full list of businesses and activities which have not been allowed to resume is available on the National Security Council’s website.Muhyiddin said the list will be revised from time to time, depending on the latest developments on efforts to curb the COVID-19 pandemic.

“There are several categories of industries and businesses which are still not allowed to operate, as it involves gatherings and physical contact where social distancing would be hard to enforce.

“This includes cinemas, karaoke centres, reflexology centres, recreational centres, night clubs, theme parks, Ramadhan bazaars, sales carnivals as well as conferences and exhibitions,” he said, adding that sports activities which involves gatherings, physical contacts and other activities which poses infection risks will also not be permitted.

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The prime minister also said that he was aware that after close to two months of the Movement Control Order (MCO), many members of the workforce want to return to work as, if the MCO is prolonged, they would lose their incomes.

“The same goes for our country. Putting a stop to the economic activities means putting a stop to the country’s income source.

“Taxes cannot be collected, industries cannot grow, economic growth is hampered, and the thing we want to avoid the most — business closures and job losses,” said Muhyiddin.

He said the country loses around RM2.4 billion for each day of the MCO, and to-date, losses is estimated to be around RM63 billion.

“If the MCO continues for another month, our country will lose RM35 billion, bringing total losses to RM98 billion,” he said.

Government Plan Employing Strategies Under 6 Types of Approach

Muhyiddin said that the government had always had a clear plan in the fight against the COVID-19 pandemic and in facing the economic crisis, employing strategies under six types of approach.

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The first is the firm resolve to control the COVID-19 pandemic by implementing the MCO; secondly,  building resilience through the PRIHATIN Economic Stimulus Package to boost the people’s economy; and thirdly, regenerating or restarting the country’s economy in an orderly and controlled manner.

The fourth approach is initiating economic recovery in the face of new norms, followed by strengthening and revitalising the overall economy for the sake of the future and restructuring or reforming the economic structure to enable the country to move into the ‘new normal’ world’.

Credit Photo Jakoa Gov My