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Budget 2021: Covid-19 Has Crippled The World’s Economy Similar To The Great Depression, Says Finance Minister

Budget 2021: Covid-19 Has Crippled The World’s Economy Similar To The Great Depression, Says Finance Minister

The impact can be felt worldwide.

Hakim Hassan

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Covid-19’s impact on crippling the world’s economy hasn’t been seen since the Great Depression of the 1930s, said Finance Minister Datuk Seri Tunku Zafrul Aziz during the 2021 Budget announcement.

Never has there been a virus which has impacted humanity as Covid-19, the spread of the virus not only endanger lives but has damaged economies worldwide. There’s no guidelines or past examples that we can refer to when facing this pandemic. This is an unprecedented crisis.

Datuk Seri Tengku Zafrul Abdul Aziz

He also said that the virus has disrupted the supply and demand chain and affected the business ecosystem and Malaysia has to contend with uncertainties such as the fall of the prices of commodities.

Tengku Zafrul quoted the International Monetary Fund (IMF) saying that the global economy’s growth for 2020 will be at negative 4.4% and while global trade is estimated to be around negative 10.4%.

He said Malaysia is not alone in this as the economies of 150 countries worldwide have been affected by the virus.


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