Malaysia’s prime minister announced Malaysia’s Movement Control Order (MCO) is extended to May 12. Gain economic insight on the latest extension and what to expect ahead.
MCO Extension Phase 4
- Phase 4: 3rd Extension April 29 – May 12, 2020 (2 weeks)
- Phase 3: 2nd Extension April 15 to April 28, 2020 (2 weeks)
- Phase 2: 1st Extension April 1 to April 14, 2020 (2 weeks)
- Phase 1: Original MCO March 18 to March 30, 2020 (2 weeks)
- Total 4 Phases: 8 weeks
Further MCO Extensions
- Malaysia’s government will monitor the latest data from the Ministry of Health to determine next steps.
- Malaysia Covid-19 statistics:
- Cured: 32.7% (highest in the world vs world average 21.01%)
- Fatality rate: 1.63% (vs world average 5.49%)
- There is a possibility the MCO will be further extended thus Malaysians celebrating Raya may not be able to balik kampung (return to hometowns).
- If Covid-19 cases further decline, there may be loosening of the MCO in various sectors, subject to conditions such as employee health and safety, and social distancing.
- The National Security council is drafting an in-depth plan.
“Kita masih belum menang dalam perang menentang COVID 19. Tetapi saya yakin insyaAllah kita akan menang. Yang penting ialah jihad dan istiqamah. Sempena bulan Ramadan yang mulia ini, tingkatkan jihad kita memerangi COVID 19. Teruslah istiqamah dengan usaha kita.“ ~ Muhyiddin Yassin, Malaysia’s Prime Minister
MCO Economic Impact and Steps Being Taken
- Only essential services allowed to operate and most businesses cannot be fully operational yet.
- Malaysia’s government looking into ways to revive the economy in stages including a short and medium-term economic recovery plan after MCO.
- Ministry of Finance and Economic Planning Unit tasked to draw up economic recovery plan for short, medium and long-term.
- Key focal areas in economy, nature and social aspects, with technology as an enabler for future competitiveness.
- Focus on steps and knitting’s to stimulate the short and medium-term economy, improve Malaysians confidence and foreign investors.
- Initiatives being planned include upskilling, encouraging domestic spending, improving business resilience especially among SMEs, and promoting a positive investment environment.
- Ministry of Finance Economic Recovery Key Objectives for short-medium term:
- Build businesses and individuals capabilities
- Increase consumer confidence.
- Strengthen positive investment experience for the future.
You May Also Like
- Malaysia on Movement Control Order Nationwide
- Malaysians Personal Finance Guide during MCO
- Staying Healthy and Sane during MCO
- Malaysian Institute of Economic Research (mier.org.my)