The implementation of the government’s 6R National Economic Recovery Strategy (Resolve, Resilient, Restart. Recovery, Revitalise and Reform) plan would further spur Malaysia’s economic recovery, Minister of Finance (MoF), Tengku Zafrul Abdul Aziz said.
Malaysia is currently at the fifth stage of the 6R strategy, which would see the implementation of the RM322.5 billion Budget 2021, the largest in the nation’s history, together with the RM15 billion Permai Assistance Package and RM20 billion Pemerkasa programme.
He contends that the economy will recover better to pre-Covid levels by mid-2021, supported the improving external demand amid a technology upcycle, more targeted containment measures, a well-structured Covid-19 vaccine rollout and a gradual recovery in labour market conditions.
“We also believe that fiscal measures will continue to play a crucial role in our response to the Covid-19 pandemic in securing Malaysia’s post-pandemic recovery,” he said.
He added that these fiscal and other policy measures contributed to various encouraging signs of economic recovery, including higher exports, effective containment of the third wave of Covid-19 cases in the country, and improved labour placement rate.
Bank Negara Malaysia announced earlier today that the gross domestic product (GDP) is expected to grow between 6.0 and 7.5 percent this year due to stronger external demand and improved domestic activity.
This is consistent with estimate from World Bank which is 6 percent and the Internal Monetary Fund (IMF) which is 6.5 percent, where both expect Malaysia to achieve one of the highest economy rate in the region
Tengku Zafrul further stated that Malaysia currently on the right track for economic recovery and is likely to rebound strongly this year backed by various policy measures.
He added that they are confident that the various policy measures undertaken by the Government will contribute to a strong economic rebound in 2021, underscored by our firm commitment to fiscal consolidation in the medium to long term.
“Key outcomes that the Government aims to achieve for 2021 include herd immunity by December 2021, which is three months ahead of schedule; targeted enhanced movement control order (MCO) based on data of specific localities.
“The Government also intended to drive economic recovery by ensuring the opening of all economic sectors, and enhance standard operating procedures (SOPs) enforcement to contain the pandemic,” Tengku Zafrul said in a statement.
