News: Malaysia’s Economy Seen To Fully Recover In 2021

Jul 3, 2020

With the COVID-19 pandemic causing the country’s economy to contract, the government is now focused on boosting the economy as well as restoring Malaysia to the pre-pandemic state of affairs, reported Bernama citing Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed.

In fact, Malaysia’s economy is expected to fully recover in 2021.

“We know that the country is still dealing with the (COVID-19) health crisis. However, almost all economic sectors have reopened; the retail sector is improving while the tourism sector has yet to strengthen,” Bernama quoted the minister as saying following a visit to the Chuping Valley Industrial Area.

He also expressed hope for the domestic tourism sector to expand over the next one to two months.

Mustapa noted that the government played a key role in the country’s fight against COVID-19 by stabilising the situation and subsequently moving to recovery.

What are the effects of the Economic Recovery Plan on the property market? Find out here! 

Aside from focusing on economic recovery efforts, the government is also planning for Malaysia’s economic growth.

“We had to deal with a serious economic crisis in the first quarter of 2020, with economic growth at only 0.7%, and this will contract even further in the second quarter,” he said.

With this, the government unveiled a total of three economic stimulus packages that amounted to RM295 billion. Describing the figure as “huge”, Mustapa said Malaysia has never spent such amount in handling a crisis before.

He revealed that the banking system also had a major role in helping the government, with banking institutions contributing to the economic stimulus packages.

 

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