Updated: May 25
Looking at The Impact on Businesses and The Malaysia Economy
Uncertain times lie ahead amid the global economic uncertainty because of the virus pandemic. Here’s a look at the Malaysia COVID-19 situation and the Government’s advice to businesses.
What the COVID-19 Means for Malaysia
Currently, Malaysia is under a two-week Restricted Movement Order. While measures to curb the spread of the virus are welcomed, Businesses have been hit hard during this crisis period.
Businesses, except for the essential service sectors, have been ordered to close along with schools, universities, and places of worship. Currently, the only businesses still in operations are banks, supermarkets, and convenience shops that sell the essential necessities.
Additionally, the government is putting a travel ban preventing Malaysians from going abroad for the next 14-days. Anyone returning from abroad must undergo a 14-day self-imposed quarantine. The Government understands this is a very difficult decision for businesses and those affected, but advises that it is necessary until the Malaysia COVID-19 situation is under control. To curb the spread of the disease and not risk any more lives, drastic measures must be taken during this time.
The Government is advising businesses and the general public to be patient and stay calm and endure this very challenging time. Malaysia’s National Security Council (NSC) is keeping a close watch on the situation.
Improving Situation in China Amid Malaysia COVID-19
With the COVID-19 situation stabilising in China, things are looking up for Malaysia. China has been Malaysia’s largest trading partner for 10 consecutive years. Malaysia and China’s bilateral trade rose to US$124 billion (about RM503 billion) for the full year 2019. The rapid recovery of the China economy is good news for Malaysia businesses.