Tuesday, 12 May 2020 10:33 AM MYT
The situation is especially acute for the self-employed or those who rely on daily wages such as petty traders, hawkers, taxi drivers, cleaners, labourers and sub-contractors. In its findings from the second study on the economic impact of Covid-19 that was released in a press statement on March 24, the Malaysian Institute of Economic Research reached the following projections:
Such a fall is manifested in a sharp decline in consumer spending by 11 per cent, despite the drop in general consumer price level by 4.4 per cent.Khazanah Research Institute’s opinion piece, “The Impact of Covid-19 on the Urban Poor: Three Major Threats — Money, Food and Living Conditions” was published which highlighted a Bank Negara study which estimated the following:
Shrinking purchasing power, loss of employment, lower wages, rising poverty , higher cost of living and a safety net or welfare system on the back of limited fiscal capacity makes for grim reading of our socio-economic future.
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