What Malaysia’s Economy Looks like with the Commencement of the Vaccine?

What Malaysia’s Economy Looks like with the Commencement of the Vaccine?

The arrival of the first batch of COVID-19 vaccines gained certain traction

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“With the National COVID-19 Immunisation Programme, which started on the 24th of February 2021, Malaysia’s economic recovery plan is on the right track”, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He said several economic sectors, including the tourism and retail sectors, were waiting for the borders to reopen, not only in the country but also abroad.

In the presentation of the 42nd Report of the Implementation and Coordination Unit Between National Agencies (LAKSANA), Tengku Zafrul urged small and medium-sized enterprises (SMEs) and micro-SMEs in the tourism sector, still affected by the pandemic, to benefit from the RM1 billion PENJANA Tourism Financing.

As of 12th February, under the PENJANA Tourism Financing Programme, only 282 applications involving RM57.1 million in funding had been accepted.

Tengku Zafrul said that with the recovery in public health, economic recovery will follow.

He said the World Bank had projected that, following the global launch of the COVID-19 vaccination programme, Malaysia’s economy will expand between 5.6% and 6.7% in 2021, which was in line with the forecast of world economic growth of 4%.

By the first quarter of next year, the government is planning to vaccinate nearly 27 million citizens, or more than 80% of the country’s population, to achieve herd immunity.

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