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MIER Press Statement - The Economic Impacts of COVID-19

MIER had organized a press conference on 21 st of February 2020 to announce the results of a preliminary analysis of the economic impact of COVID-19 after its initial outbreak in Malaysia at the beginning of the year.  The overall economic impact of the outbreak on GDP growth was a reduction of between 0.8% to 2.0% rate declines from the baseline trend for the low and high scenarios.    The pandemic has now advanced beyond the initial infectious phase leading to Movement Control Order (MCO) issued by the government for two weeks from the 18 th of March 2020 to the end of the month.    The country-wide MCO or partial lockdown inevitably leads to economic disruptions which affect the country’s pattern of production, consumption and trade of our industrial outputs as well as on income and employment of the population. The PN government has also announced a stimulus package of RM20 billion in the first instance followed by a second allocation...