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The Winners & Losers Of Covid-19 In Malaysia (So Far)

The Winners & Losers Of Covid-19 In Malaysia (So Far)

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The Rakyat

If there’s one thing the Covid-19 pandemic has revealed, it’s the starkness of the wealth divide and basic access to thousands of Malaysians.

While some had a comfortable home to work from or take online classes, others had to go to great lengths to reach that.

Recently a Sabah university student made headlines for spending 24 hours on a tree just to get a good enough internet connection to take her examinations online.

Veveonah taking her online exam on her phone atop a tree in order to get a good internet connection. (Credit: Veveonah M/YouTube)

E-wallet adoption saw a rise during the Movement Control Order (MCO) while others saw their bank accounts depleting.

An online backlash grew in May when it was revealed that Pos Malaysia was not giving its staff bonuses this year despite the strong rise in customers using their parcel delivery services.

The dire situations of those left hungry due to the MCO prompted various groups of Malaysians to begin caremongering, notably with the Kita Jaga Kita initiative where food supplies and cash donations were handed out to the poor and homeless.

The Businesses

Retail, tourism, aviation and hospitality were among the biggest casualties.

Huge hotel chains permanently closed their doors alongside retail outlets and restaurants.

Malaysia’s largest publisher, BluInc Media also surprisingly closed down in the midst of the lockdown.

Despite the uptick in users by food delivery platforms, Grab is laying off 360 staff members.

Small and medium sized businesses (SMEs) shuttered, employees were put on voluntary leave, had their salaries slashed or retrenched.

The Statistics Department then released a report that Malaysia’s unemployment rate in April had hit a 30 year high at 5% with 700,000 people losing their jobs.

Credit: Key Statistics Of Labour Force In Malaysia, April 2020 via Statistics Department

However, there is one clear winner – Malaysia’s glove industry.

Supplying 65% of the global rubber gloves, Malaysia is the world’s top producer.

The signs were there as early as February when virus fears were just starting to hit.

The Star had reported after Chinese New Year, hospital and healthcare-related players saw their share prices moving upward during the first few days of the week as the number of coronavirus cases continued to rise.

As demands for personal protective equipment rise during the pandemic, Bloomberg reported that Malaysia has essentially become a hotbed for creating new ultra-wealthy individuals in the sector.

In fact, two new individuals in the glove making industry have become Malaysia’s newest billionaires from the pandemic. 

Datuk Seri Stanley Thai Kim Sim of Supermax and Tan Sri Lim Kuang Sia of Kossan Rubber Industries became billionaires due to the Covid-19 pandemic.
(Credit: Malay Mail & Kossan Rubber)

The industry is also expected to rake in more profits as healthcare becomes a top concern globally with outbreaks continuing in several countries.

They’re not the only winners, though. Companies producing surgical masks and hand sanitisers are also reaping in rewards with these items sold out at most pharmacies and convenience stores.

The managing director of Bioalpha Holdings Bhd, which runs Constant Pharmacy, William Hong, told The Star that they’ve been seeing the products flying off shelves.

He also noted surging sales for health supplement products, particularly those used to improve respiratory health and strengthen the immune system.


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