Prime Minister Tan Sri Muhyiddin Yassin has announced the much-awaited Short-term Economic Recovery Plan today, 5th June 2020.
This in light of the world’s economy is at worst ever since the 1930s due to the COVID-19 pandemic.
Undeniably, there’s also been a major impact on Malaysia’s economy. He also revealed that the unemployment rate in Malaysia is currently at 3.9% which equals to 610,000 unemployed people.
He predicted that the unemployment rate may go up to 5.5%, 680,000 unemployed people by the end of 2020.
He said that the Short-term Economic Recovery Plan is also known as 6R as it stands for “Resolve”, “Resilience”, “Restart”, “Recovery”, “Revitalize” and “Reform”. He mentioned that we are currently under the “Recovery” stage.
For that, the government has come up with “Pelan Jana Semula Ekonomi Negara” or can also be called as “Penjana” themed as “Bersama Menjana Ekonomi“.
They have identified the three base factor to focus on which is known as “Memperkasakan Rakyat” (Empower People), “Melonjakkan Perniagaan” (Propel businesses) and “Merangsang Ekonomi” (Stimulate the economy)
There are about 40 initiatives under this plan in which it is believed to cost the government about 35 Billion Malaysian Ringgit.
Among the notable plans include the employment and upskilling opportunities for fresh graduates, jobless and OKU, transportation subsidy for Prasarana throughout Klang Valley, tax subsidies, touchless purchase programs, and internet data allocation for the eligibles.
He has announced that the Conditional Movement Control Order (CMCO) will be extended by another two weeks in order to support the recovery plan that they have constructed.
He strongly believes that the new initiatives that will be implemented by the government will ease up the burden in our day to day life caused by the COVID-19 crisis.
Lastly, he also requested the Malaysians to follow the SOPs set to avoid inducing the second wave of COVID-19.
Keep in mind to avoid physical contact with other individuals or mass gatherings as the crisis is not over yet, it’s only controlled for time-being.