This was not surprising given the implementation of the second Movement Control Order on Jan 13. Now, with the implementation of the third MCO nationwide on May 10, the sectors and individuals who suffered the most in Q1 2021 will also continue to bleed in Q2 2021, perhaps in even more serious ways.ministries to help the sectors and the individuals most affected by the lockdown in a strategic and targeted manner.
The manufacturing sector grew at a healthy pace of 6.6% but there are differences among the sub-sectors. For example, the textiles sector grew by only 2.1% probably because not many people were buying new clothes because of the work-from-home policy. The services sector contracted by 2.4% but this masks great variances in the sectors that were badly affected and those that did quite well.
Understanding the MCO’s impact on the different sectors should lead the government to adopt a differentiated, strategic and targeted approach towards helping the most negatively impacted industries and people in these industries. Similarly, the drop in overall palm oil production would not hurt the big players since they have ample reserves and some of them may have seen their profits increase because of the hike in CPO prices due to the supply shocks.
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