Mustapa said understanding the medium- and long-term economic trajectory is vital to ensure Malaysia’s growth is based on innovation and productivity. — Bernama pic
KUALA LUMPUR, June 23 — Given the challenging circumstances due to the Covid-19 pandemic, it is imperative for the government to have a clear pathway forward, said Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed today.
He said the National Recovery Plan provided a systematic strategy for the country to emerge from the Covid-19 pandemic and also gave assurance to Malaysian workers and businesses as it provided clear timelines regarding the gradual reopening of the economy.
“In recent days, the government has done a lot better in ramping up the vaccination rollout as the vaccination rate is critical in reducing the number of infections and in reviving the economy,” he said.
In his official address at the launch of the Malaysia Economic Monitor — June 2021 Edition held virtually today, Mustapa noted that the resurgence in Covid-19 cases and the subsequent implementation of lockdown measures have had an impact on Malaysia’s economic recovery.
He added that the government is crunching the numbers to assess the economic impact of the lockdown that began on June 1.
“If the government’s measures — including the rapid vaccinations, lockdowns and the strict observance of standard operating procedures (SOPs) — are successful in reducing the number of Covid-19 cases, Malaysia can look forward to strong economic recovery in the fourth quarter,” he said.
Mustapa said understanding the medium- and long-term economic trajectory is vital to ensure Malaysia’s growth is based on innovation and productivity.
As such, the government remains committed to continuing its public-private consultations.
“These consultations will help us in designing better policies and promoting a better understanding of the impact of Covid-19 on economic activities and post-Covid-19 recovery.
“We take note of the World Bank’s Malaysia Economic Monitor report where the World Bank has revised downwards our projected gross domestic product growth to 4.5 per cent this year, which is lower than the government’s official estimate of between 6.0 per cent and 7.5 per cent,” added Mustapa. — Bernama