Malaysia: Govt to unveil 6-month economic recovery plan by end-May 20 — MITI

• The government will announce a six-month short-term recovery plan by the end of May 20 to revive the economy, said Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali.
• Following the recovery plan, the government plans to table a medium-term revitalisation plan under the 2021 Budget in Nov 20, followed by a long-term reform plan which is the 12th Malaysia Plan that is scheduled to be revealed in 21 Jan 21, he said in a speech addressing a webinar by the Electrical and Electronics Productivity Nexus.
• He added that for many enterprises hit by the pandemic, their focus is on business survival. However, in the longer run, it is imperative that businesses remain sustainable. According to Azmin, the pandemic also underscored a need to rapidly transform the economy.
• “Malaysia should seize emerging trends and opportunities to mitigate the Covid-19 pandemic, which has lasting implications on global investment. As foreign direct investments (FDIs) will be affected, we must find enablers to have a better future which is quality investment,” he added.
• In his speech, he also noted that the cumulative losses incurred by the Electrical and Electronics (E&E) sector is estimated at MYR7.28bn of gross domestic product (GDP) while the impact to exports is estimated at MYR29.12bn.
• “The E&E sector is the backbone of the country’s economy and remains a significant contributor to the GDP. Its contribution to GDP in 2019 was MYR81bn, constituting 5.8% of the national GDP while its exports amounted to MYR380bn,” he said.

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