From air travel to banking and retail, all segments of the economy have been hurt by the epidemic. The crowds at banking halls and malls have disappeared. Eateries are complaining of a 50% drop in business while hotels are throwing room rates due to cancellations of bookings.
Against a difficult economic environment, not many really care about politics. The small businesses want to see the demand for their products pick up. Trucking companies are hoping for a recovery in deliveries, which are down by 40% so far this year. Eateries are seeking relief to tide over the tough times to cover their overheads with the drop in business.
But really, the small businessmen don’t understand what Apec really is about and why it is so important to Dr Mahathir. Malaysia is not alone in experiencing a slower growth due to Covid-19. From South Korea to South Africa, countries are facing a slowdown due to the Chinese economy being floored by the virus.
The Chinese government has already taken measures to counter the slowdown of its economy. The biggest fear is rising default of debts that a rating agency estimated may go up to US$1.1 trillion.
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