Under the movement control order, people are prohibited from going more than 10km from their homes to buy essential items.
The impact of the first wave will be clear from the next round of data for gross domestic product in the second quarter release on Aug 12. The May and June trade data showed a mixed picture, confirming the weakness in the international trade with another contraction in exports of 25.5% year-on-year and imports falling 30.4% year-on-year due to weakness in domestic demand.
The second wave of economic damage is likely to start once the wage subsidies end and firms begin to cut wages or more likely start widespread retrenchments, which are currently discouraged under the MCO regulations. We expect a surge in unemployment which is already at historic levels. This will all have an effect on businesses and we expect revenues and investment to fall and indebtedness to rise, which will likely cause a surge in business defaults and closures as owners see debts they cannot service and bills they cannot pay all falling due after the payment moratorium.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
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.
Brace for haze season, Malaysians warnedIt's goodbye to clean air as fires rage in Kalimantan and commercial activities resume, says green group. FMTNews MeenakshiRaman
Source: fmtoday - 🏆 5. / 72 Read more »
Plans for two new rural airportsKUCHING: Two new rural airports will be built in Sarawak to boost economic development and connectivity.
Source: staronline - 🏆 4. / 75 Read more »
The second economic wave of Covid-19 — Paolo Casadio, Hui Hon Chung and Geoffrey Williams | Malay MailJULY 3 — With the number of Covid-19 cases in Malaysia apparently under control and the number of deaths at zero for nearly three weeks attention is turning to the economic costs of the lockdown or movement control order (MCO). Based on new data releases, it is becoming clear that the...
Source: malaymail - 🏆 1. / 86 Read more »
South Korea scrambling to fight Covid-19 'second wave'SEOUL, July 3 (AP): South Korea has reported 63 newly confirmed cases of Covid-19 as health authorities scramble to mobilise public health tools to the southwestern city of Gwangju, where more than 50 people were found sickened over the past week.
Source: staronline - 🏆 4. / 75 Read more »
Kazakh ex-president recovered from coronavirus | New Straits TimesNUR-SULTAN, Kazakhstan: Kazakhstan's former president has recovered from the novel coronavirus, his spokesman said Thursday, as the Central Asian country tightens virus restrictions to combat a second wave of infections.
Source: NST_Online - 🏆 17. / 53 Read more »
Covid-19: Only one new case, 21 discharged (July 1)PUTRAJAYA: Malaysia recorded only one new case on Wednesday (July 1), the lowest daily figure since the second wave of the Covid-19 pandemic began in the country.
Source: staronline - 🏆 4. / 75 Read more »