Amid difficult situation facing the country’s economy, there are several rooms for actions in the short and long run to adapt to the lasting impact that has taken place on all sectors. These short- and long-term actions will have to deal with a list of key for the Malaysian economy: the community, technology, healthcare, science, governmental roles, economy and lifestyle. For instance, a short run monetary stimulus could be given to assist the economy.
Recently, the Government has evoked a list of measures to ease the economic situation of individuals, SMEs and corporate. This involve credit management, loan restructuring, and debt management options through partial EPF withdrawals for debt or early loan settlements. The major ojective of the recent government’s stimulus plan is to protect households and to generate a context in which SMEs will have enough liquidity to ensure a fast recovery of the economy in the short-term.
Long-term economic policy can include contingent plans for pandemic situations like the COVID-19 and SARS. Future economic blueprints should give more emphasis to potential interruptions and revival plans in health, education, and businesses. The Government’s stimulus integrates such aspect as it includes public investment in internet coverage and digitalisation of companies.
Clearly, the current situation has given a flavor of what could reshape our society. What used to define real activities driving economic functions and outputs are challenged and have to be redefined. Throughout this crisis, the way people consume and invest have changed tremendously. When this outbreak is under control, long-term economic alternative can be explored to include innovative entrepreneurial/economic activities to face such unprecedented situation.