Beyond Covid-19: Building back better for a more resilient economy and society — Ivy Kwek | Malay Mail

Thursday, 19 Mar 2020 07:51 PM MYT

For one, the pandemic has exposed the vulnerability of our economies, as we witness the tourism, hospitality, aviation and retail sectors, as well as the export markets being worst hit by the crisis. Our interconnectedness in this globalised era is an opportunity that comes with risk. Building resilience in these sectors and diversifying the economy is therefore paramount.

A more decisive action finally came on March 16 as the number of cases hit over 600, when a Movement Control Order was announced and the National Security Council was put in charge. Unfortunately, the authorities had clearly not anticipated the unintended consequences of some of its announcements.

Thus far, the government has announced a RM20 billion stimulus package, which includes tax breaks for the affected sectors, including a 15 per cent discount in electricity bills, and cutting of EPF contribution by employees by four per cent, which are aimed to spur private consumption. There is also provision of Special Relief Facility for SMEs by Bank Negara Malaysia at financing rate of 3.

More assistance needs to be rolled out for those who are hit the hardest by this crisis. Childcare services must be provided for the frontliners — the doctors, nurses, police, immigration and airport personnel, so that their families are taken care of while they are out serving others in need. The Malaysians working in Singapore now risk losing their jobs, unless they are able to find accommodations in Singapore.

As our economy progresses, many are left behind. While crisis hits, the poor and underprivileged often suffered most. Our social protection system must be enhanced to ensure that it could provide a strong social safety net for vulnerable groups in tested times like this. The Employment Insurance Scheme , introduced in 2017, will now have to jump into action to support workers who faced retrenchment or wage cuts, particularly those in the B60 groups.

Source: Financial Digest (financialdigest.net)

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

What's trending on Google? Covid-19, Covid-19, Covid-19Google is swamped with internet users trying to find out what they can about the virus sweeping the globe. FTMNews FMTLifestyle Covid19
Source: fmtoday - 🏆 5. / 72 Read more »

Understanding the tabligh movement beyond Covid-19They sport long beards and loose gowns – Is that all Malaysians know about members of tabligh... apart from the coronavirus, of course? FMTNews Covid19
Source: fmtoday - 🏆 5. / 72 Read more »

Rep urges Health Ministry to clarify MyEG's Covid-19 'rapid test kit'CORONAVIRUS | This after the ministry dismisses the product as fake and MyEG later clarifying it is still waiting for approval.
Source: malaysiakini - 🏆 20. / 51 Read more »

Bank Islam expands financial relief for customers impacted by Covid-19Initiatives aimed to help customers cope with current financial predicaments, says Bank Islam CEO Mohd Muazzam Mohamed. This is how a retail bank create currency out of this air, debt.
Source: malaysiakini - 🏆 20. / 51 Read more »

Staff member of hospital in Perlis tests positive for Covid-19The victim had travelled to Turkey and had returned to Malaysia on March 8. FMTNews Covid19 TuankuFauziahHospital
Source: fmtoday - 🏆 5. / 72 Read more »

GCEO Sime Darby positiv Covid-19kualalumpur KETUA Pegawai Eksekutif Kumpulan (GCEO) Sime Darby Bhd, Datuk Jeffri Salim Davidson didapati positif Covid-19 dan kini sedang menjalani kuarantin dan menerima rawatan perubatan.
Source: hmetromy - 🏆 26. / 51 Read more »