Prime Minister Tan Sri Muhyiddin Yassin says Malaysia's Economic Stimulus measures leaves no one out
The government has implemented the Prihatin Rakyat Economic Stimulus Package (PRIHATIN) worth RM250 billion, PRIHATIN Supplementary package RM10 billion and the National Economic Recovery Plan (PENJANA) worth RM35 billion to reduce the impact of COVID-19. The government will ensure that no Malaysians are left out, especially the Below 40 (B40) group in the implementation of the PRIHATIN.
Prime Minister Tan Sri Muhyiddin Yassin said there were more than 53 government agencies under the Economic Stimulus Implementation & Coordination Unit Between National Agencies (LAKSANA) to monitor the implementation of PRIHATIN nationwide. “We will ensure that all groups, especially in Sabah and Sarawak, will not be left out in receiving the government’s assistance to ease their burden in facing the COVID-19 pandemic,” he said.
The Department of Statistics Malaysia estimates the country’s unemployment rate will rise to 5.5 per cent due to job losses brought about by COVID-19 pandemic. Muhyiddin said that the government acknowledged the number of unemployed in the country would increase, but the government would ensure that its impact on the people would be reduced based on the initiatives implemented. “The country’s economic growth will experience a significant contraction in the second quarter due to the implementation of Movement Control Order, but our economy is expected to rebound in the third and fourth quarters after the reopening of the economy,” he said.
Muhyiddin added that the government is in the midst of formulating various policies and strategies to restructure and strengthen the economy to address socio-economic development imbalances. “This will be presented under the Twelve Malaysia Plan 2021-2025 in early next year,” he said.