Kuala Lumpur, 29 July – As Malaysia’s economy enters into the third month of resumption, the economic casualties are surfacing in the labour market and among businesses. Unemployment rate surpassed 5% with fear of further increase. This is a caution to Malaysia’s economy which is by and large, driven by domestic consumption. On the retail front, businesses are experiencing slow recovery as anticipated due to social distancing and feeble spending confidence. As far as the financial and property markets are concerned, there were worries of headwinds after September when the moratorium expires.
Today, the government and central bank have rightfully stepped in by granting an extension of moratorium. We welcome this ‘sensible and necessary’ announcement.