Malaysia: Govt to review 12th Malaysia Plan amid low oil price, Covid-19

  • Malaysia will have to go back to the drawing board on the 12th Malaysia Plan (RMK12) following the collapse of the global oil price, said Economic Affairs Minister Mustapa Mohamed.
  • “The numbers crunched earlier are no longer relevant. We have to go back to the drawing board,” he said in a web interview with think-tank IDEAS on 24 Apr 20.
  • Mustapa, however, did not elaborate on what the RMK12 revision would look like, except to say the current government would continue with the previous administration’s Shared Prosperity Vision.
  • “It will follow the Shared Prosperity Vision announced by the previous government.”
  • Mustapa also said that the virus pandemic has caused changes to consumer behaviour. “After this, there will be more virtual offices and that will dampen the property market, which is already in an overhang.”
  • He declined to comment on whether the Perikatan Nasional (PN) government will announce another stimulus package following the imposition of a fourth phase of the MCO.

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