We know, the current projection from Bank Negara Malaysia (BNM) for Malaysia’s GDP 2020 is not rosy. It ranges from a high of positive 0.5% (yeah, this is a high) and a low of negative 2%. Everything depends on how soon we could overcome COVID-19 and for businesses to start moving back to its normal pace again. Thus, we have the Stimulus Package 2 with a total of RM250 billion which is expected to help as many people as possible to survive the current situation. How much would this RM250 billion be contributing to the economy as a whole then? Here’s what our Finance Minister Tengku Zafrul Aziz said.
Article in freemalaysiatoday.com Finance Minister Tengku Zafrul Aziz says the Prihatin Rakyat Economic Stimulus Package is expected to contribute 2.8% to the nation’s gross domestic product (GDP) this year. However, he stressed that the ability of the economy to recover also depends on how well and quickly we settle COVID-19 outbreak and he said, “all Malaysians must play their part.”
While there are the unexpected expected to happen, he said, “Nevertheless, we have the capacity and fiscal space to meet future uncertainties. The government is fully aware of the need to be agile and to respond swiftly.” He also shared this positive point. “As it stands, the financial system today has RM121 billion in excess capital buffer, as compared to only RM39 billion during the global financial crisis of 2008.” Please do read the full Article in freemalaysiatoday.com
I think we would have noticed that the number of new infected cases for COVID-19 in Malaysia is still over 100 but the number looks stable despite much higher number of tests being done. The number of recovered patients have also been healthy and has in fact showed signs of an uptrend. Hopefully this will continue and that all Malaysians are now very serious in helping the government to flatten the curve.
If we look at the world, to the two countries which was very badly affected; Italy and Spain, their number of new infections have also stayed flat instead of climbing ever higher just 2 weeks ago. Here’s that latest COVID-19 update. Let’s hope that the U.S. would start to bring their number of new cases under control in the near future. My uncle in Hawaii told me that the town he was staying in looks deserted. Everyone was staying at home because there had been 4 COVID-19 deaths. So, I think even the Americans are starting to take this seriously. Happy recovering my dear world.
Next suggested article: Our Important SMEs. Stimulus package 3 is aimed at them.