Reviving the economy will be extremely challenging
Published on: Tuesday, April 07, 2020
By: Bernama
File photo from Bernama.
Kuala Lumpur: As impacts from the Covid-19 outbreak began to bite the local economy, a greater emphasis should be placed on preparing a better strategy to ensure the recovery of the economy as well as providing safety nets for the people.A study by the Malaysian Institute of Economic Research (MIER) showed the number of unemployed is estimated to reach 2.4 million as a result of the pandemic with 67 per cent of them are non-professional workers.
ADVERTISEMENT
The Malaysia-China Chamber of Commerce (MCCC) president Datuk Tan Yew Sing said reviving of the country’s economic development in the aftermath of the epidemic will be an extremely challenging task for Malaysia.
“Malaysia’s SMEs account for 98.5 per cent of the total number of business establishments. In 2018, SMEs contributed 38.3 per cent of the country’s GDP and the service sector accounting for 62.4 per cent of the total number of small and medium-sized enterprises (SMEs) in the country.
“At present, SMEs provides 70 per cent, which is about 5.7 million people of the country’s workforce.
“Therefore, it is vital to secure the continuous operation and sustainability of enterprises, especially SMEs in order to control the unemployment rate,” he said in a statement today.
ADVERTISEMENT
Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
