Experts: Just beating Covid-19 is not enough to return consumer confidence | Malay Mail

Thursday, 28 May 2020 07:32 AM MYTAs long as businesses continue to hunker down, it will be difficult for consumer confidence to return, Yeah said. ― Picture by Miera Zulyana

“This will likely happen when we are able to get on top of the virus. While there are still cases in the country, there is the potential of re-imposition of restrictions. That has a bearing on consumer confidence. On May 13, Bank Negara Malaysia announced that Malaysia’s growth rate for the first quarter of 2020 stood only at 0.7 per cent, the worst since 2009.

The senior academic foresees positive growth occurring in the fourth quarter at the earliest or next year due to the collapse of external demand which will see a sharp decline in the export sector which cannot be offset by domestic demand.

This will allow those who have lost their jobs or youths entering the job market to find gainful work and create a few jobs for others with similar interests instead of just waiting for jobs to be created for them. “For example, why should employers and not Socso which employers contribute to pay the medical costs if employees are infected with Covid-19 after businesses reopen?” asked Oh.Touching on investment or spending opportunities in a bearish economy, both experts shared the same view that the only ones who will be able to take advantage of the situation will be the T20 group or the upper M40 class.

Launched by Prime Minister Tan Sri Muhyiddin Yassin in March during the first phase of the MCO, the RM250 billion economic stimulus package has allocated nearly RM10 billion to assist B40 and M40 category households.

MOH needs to clearly announce: 1. Treatment protocol, 2. Randomised testing results showing tolerable infection levels and 3. Enough capacity to handle subsequent waves, to create confidence! Impending consequences: joblessness, starving, theft, mental issues, violence.

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