KUALA LUMPUR, Nov 6 -- The timely response by the government in imposing the Movement Control Order (MCO) since March 18 to flatten the curve of COVID-19, complemented by swift stimulus packages, has cushioned the impact of the crisis in the country.

According to the Economic Outlook 2021 report released by the Ministry of Finance today, this success was also supported by the overall strict adherence of the public to the different phases of MCO and standard operating procedures (SOP) which was crucial in containing the pandemic.

“Malaysia received global recognition as among the more successful countries in containing the pandemic,” it said.

The report stated that the movement control and physical distancing resulted in temporary closures of most businesses, especially the non-essential sectors, which resulted in higher unemployment.

Accordingly, the government announced the stimulus packages known as Prihatin Rakyat Economic Stimulus Package (PRIHATIN) totalling RM230 billion, additional RM10 billion through PRIHATIN Plus and the short-term economic recovery plan (PENJANA) totalling RM35 billion.

The stimulus measures have paved the way for a firm economic recovery, subject to successful, continued containment of the pandemic, according to the report.

“Nevertheless the crisis offers businesses the opportunity to reform strategies, expedite digital transformation and reallocate resources to increase efficiency and productivity.

“Unless and until a vaccine is found and made widely accessible, the war against COVID-19 is not over, and efforts to curb the virus and its impact are still ongoing,” it said.

-- BERNAMA