Good recovery: Malaysia’s diversified and relatively more sophisticated economy provided greater buffers than neighbouring countries with higher incidences of poverty and greater dependence on fewer sectors, like tourism. — Photos: FAIHAN GHANI/The Star
The World Bank recently issued a report analysing the economic impacts of Covid-19 and the corresponding government responses in six East Asian countries: Cambodia, Indonesia, Malaysia, Mongolia, the Philippines, and Vietnam. Drawing from diverse experiences across countries, the report explored sources of vulnerability and resilience brought about by the crisis.
Malaysia’s diversified and relatively more sophisticated economy provided greater buffers than neighbouring countries with higher incidences of poverty and greater dependence on fewer sectors, like tourism. The government responded with a series of social protection measures during the pandemic, including extending the coverage for the Bantuan Prihatin Nasional cash assistance programme to middle-income households. Even though most low-income families received some form of government assistance, around 60% of the households earning less than RM4,000 a month before the pandemic reported that they still could not cover their basic needs.
Relatively high household debt should be controlled. Fiscal buffers must be revamped to recharge the government’s capacity to respond swiftly.
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