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RM150 Billion In National Income Lost Due To Covid-19

RM150 Billion In National Income Lost Due To Covid-19

Hakim Hassan

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Covid-19 has badly hit the country’s economy as experts estimate that Malaysia has lost around RM100 billion to RM150 billion in national income or 7% to 10% of the gross domestic product (GDP) due to the pandemic.

The economy came to a grinding halt after cases in the country increased, as the Movement Control Order (MCO) was enforced to stop the spread of the coronavirus.

According to an The Sun, Malaysian Employers Federation (MEF) estimate that businesses are seeing an average drop of 60% in revenue.

Among those badly affected were tourism and travel industries, with hotels and airlines suffering from loses.

The retail, food and education sectors were also impacted by Covid-19, given that schools and institutions of higher learning have not been allowed to operate since 18 March.

It will inevitably affect Budget 2021 as experts see a reduction of up to 6% in the allocation.

Although the country is suffering losses in revenue, experts expect that the economy would recover by the end of the year.

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