Letter to Editor
By Pappa Raidu Veraman
THE COVID-19 pandemic has changed the entire global economic situation including Malaysia’s.
It is time to review our economic stand-point in this COVID-19 pandemic situation to overcome the worst scenario in our country.
The escalating cases of COVID-19 infections have resulted in the reimplementation of movement control order (MCO 2.0). Since the first MCO back in March 2020 and till today, the series of restriction orders has worsened the economic situation of our country.
In addition, some economic experts have their concerns on the social consequences that are determinant to both economic and political situation in Malaysia.
This time, I believe the impact on the economic is huge and it will be facing the greatest economic crisis since our independence in 1957.
According to Sulaiman Saheh from Rahim & Co International, about 57,390 residential buildings worth RM42.9 bil were left unsold as of the third quarter of last year (3Q 2020). The continuous property overhang situation in the country is turning into a gigantic problem for both the developers and country.
As for the tourism industry, the antagonistic business conditions caused by COVID-19 has caused many hotels to cease operations with the latest addition being Hotel Equatorial Penang which recently announced that it will shut down in March.
Looking at the current situation, many more hotels will be closing their doors in the coming months.
Meanwhile, the Malaysia Singapore Coffee shop Proprietors’ General Association (MSCPGA) and the Malaysian Muslim Restaurant Owners Association (Presma) reported over 2,000 coffee shops and mamaks or 10% of eateries in the country have shut down permanently since the implementation of MCO in March last year.
This figure is expected to rise as the months go by.
Here, we would like to ask the Finance Ministry (MOH), Ministry of International Trade and Industry (MITI) and of course the Prime Minister, as the team leader, about the arrangements or proper solutions to address these difficult situations.
Also, please show us the best way to overcome these pressing issues instead showing your political dramas and giving away biscuits to the rakyat. – Jan 27, 2021
Pappa Raidu Veraman is the founder of NGO, the Malaysian Indian Voice.
The views expressed are solely of the author and do not necessarily reflect those of Focus Malaysia.