Rm45b Stimulus Needed After Unemployment Rise And Lower Production


 



MP SPEAKS | An additional RM45 billion economic stimulus package is urgently needed for Budget 2021 to save jobs following the unexpected rise in the unemployment rate to 4.7 percent and the contraction of the industrial production index (IPI) by 0.5 percent in October 2020.
The Department of Statistics Malaysia (DOSM) recently announced there were 748,200 unemployed persons in October, an increase of 0.1 percent to 4.7 percent in October compared to 4.6 percent in September.

The country’s year-on-year (y-o-y) IPI contraction in October 2020 by 0.5 percent was a surprise following three consecutive months of growth in July, August, and September, as the nation contended with the economic impact of the Covid-19 pandemic. DOSM said prior to the IPI’s y-o-y 0.5 percent contraction in October 2020, the IPI grew 1.2 percent in July, 0.2 percent in August, and one percent in September.

Many had expected unemployment to drop and IPI to continue growing in October following the easing of Covid-19 movement restrictions. The 748,2000 unemployed persons appear to match Human Resources Minister M Saravanan’s prediction of one million unemployed Malaysians by September, including both the informal sector, school-leavers, and new university graduates.

Clearly, the anticipated economic recovery from improvements in global economic growth and trade has stalled in Malaysia and run out of steam. Not only has the IPI contracted, but there is a sharp decline in Malaysia’s gross fixed capital formation by 11.6 percent in the third quarter this year.
This sharp decline is a setback for economic confidence of future growth and damages Malaysia’s competitiveness since other countries in Asia are not experiencing the same phenomenon.

An additional RM45 billion for Budget 2021 is therefore needed to create new sources of economic growth and slow down retrenchments, job losses, and business closures. The RM45 billion should be utilised to address five key thrusts.
Five key thrusts of RM45 billion economic stimulus package

First, there should be the immediate implementation of the increase in monthly welfare aid from RM200-300 to RM1,000, including for the unemployed that is expected to hit one million Malaysians, that will cost RM12 billion a year. This will provide an immediate safety net for unemployed workers during the duration of the Covid-19 crisis.

Two, an automatic extension of the moratorium of bank loan repayments, excluding the top 20 percent (T20) of income earners, by another six months after Sept 30, costing RM6.4 billion that will help eight million Malaysian individuals and companies.


In contrast, the targeted bank loan moratorium extension and bank assistance after Sept 30, have assisted only 645,000 borrowers, which is only eight percent of the original eight million borrowers.

This has benefited only financial institutions by merely extending the loan repayment period, thereby requiring borrowers to pay even higher interest payments. The fact is that the banking industry recorded RM32 billion in profit in 2019 and despite the Covid-19 crisis in 2020, continues to record profits without any banks incurring losses.

Three, work hiring incentives over a period of two years, under Malaysia@Work of RM500 a month to employees and RM300 per month to employers to encourage them to hire local workers as proposed by Pakatan Harapan in the 2020 budget.
Expanding this scheme to cover 600,000 Malaysian workers and their employers would cost RM13 billion. This would also help the more than 500,000 youths who are unemployed.

Fourth, the remaining RM4 billion should be spent on digitalising education, including buying laptops to provide online learning for students not able to attend schools. Malaysian education is in crisis this year when students attended only four months of schooling. The loss of human resource training is immeasurable. Malaysian students should be given the option of online learning.

Fifth, RM10 billion in financial grants should be given to provide a lifeline for new and existing businesses, loans, and credit extensions, especially for the crippled tourism industry.


For the tourism industry alone, for the first nine months of this year, Malaysia received RM54 billion less in tourism receipts as compared to the same period last year. Not just the tourism industry is on “life-support”, other industries are also suffering.

There is growing pessimism that there will be positive economic growth for the final quarter this year and 7.5 percent economic growth next year as predicted by the Perikatan Nasional federal government.
The government must lend a helping hand with a RM45 billion economic stimulus package next year if we are to generate sustainable economic growth and prevent the unemployment rate from deteriorating to the previous high of 5.3 percent in May 2020 during the nationwide Covid-19 lockdown.


LIM GUAN ENG is Bagan MP, former finance minister, and former Penang chief minister. - Mkini

The views expressed here are those of the author/contributor and do not necessarily represent the views of MMKtT.


Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :

http://malaysiansmustknowthetruth.blogspot.com/2020/12/rm45b-stimulus-needed-after.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MalaysiansMustKnowTheTruth+%28Malaysians+Must+Know+th

Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
Institutional Reform Needed At Federal Level Too Anwar Says After Perak Sultan S Censure

Institutional Reform Needed At Federal Level Too Anwar Says After Perak Sultan S Censure

papar berkaitan - pada 14/12/2020 - jumlah : 304 hits
Opposition Leader Datuk Seri Anwar Ibrahim at the Parliament in Kuala Lumpur November 2 2020 Bernama picKUALA LUMPUR Dec 13 Opposition Leader Datuk Seri Anwar Ibrahim today called for immediate institutional reforms at the federal level say...
This Is What Happens When You Pick An Ignorant Man To Be Mb Mic Says After Ban Remark

This Is What Happens When You Pick An Ignorant Man To Be Mb Mic Says After Ban Remark

papar berkaitan - pada 4/12/2020 - jumlah : 291 hits
Kedah Menteri Besar Muhammad Sanusi Md Nor said MIC should be banned if the party incited people to break the law GEORGE TOWN MIC president S Vigneswaran today slammed the Kedah menteri besar for saying the party should be banned if it is i...
Singapore Recalls Malaysian Bottled Water After Bacteria Found In Faeces Detected

Singapore Recalls Malaysian Bottled Water After Bacteria Found In Faeces Detected

papar berkaitan - pada 4/12/2020 - jumlah : 244 hits
The Singapore Food Agency said that the presence of the bacterium Pseudomonas aeruginosa was detected in the bottled water during a routine sampling of the product which comes in 1 5L bottles SINGAPORE The authorities in Singapore have orde...
Trio Busted After Trying To Sell Stolen Bonsai Plant On Facebook

Trio Busted After Trying To Sell Stolen Bonsai Plant On Facebook

papar berkaitan - pada 4/12/2020 - jumlah : 188 hits
Seberang Prai Utara district police chief Assistant Commissioner Noorzainy Mohd Noor said the men aged between 18 and 36 were picked up in Paya Keladi Kepala Batas NST file pic BUTTERWORTH Three men who had stolen a RM800 bonsai plant from ...
Paris Thousands Of Ex Covid 19 Patients Still Unwell Months After Shedding Virus

Paris Thousands Of Ex Covid 19 Patients Still Unwell Months After Shedding Virus

papar berkaitan - pada 3/12/2020 - jumlah : 246 hits
Snatching moments of clarity through the brain fog that was among the lingering symptoms of her coronavirus infection Hannah Davis joined a team of similarly ill researchers and launched a study of what is now called long Covid The survey w...
Mike Tyson Gets Yelled At By Crazy Fan After Drawn Match Against Roy Jones Jr

Mike Tyson Gets Yelled At By Crazy Fan After Drawn Match Against Roy Jones Jr

papar berkaitan - pada 2/12/2020 - jumlah : 197 hits
It seems like it isn t the first time for the deranged man to cause a scene as some members of the 54 year old retired boxer s entourage allegedly find the man familiar Dec 2 2020 AceShowbiz Mike Tyson had an intense fight with Roy Jones Jr...
Reject Budget For A Few Ministries Says Umno Man After Epf Withdrawal Conditions

Reject Budget For A Few Ministries Says Umno Man After Epf Withdrawal Conditions

papar berkaitan - pada 4/12/2020 - jumlah : 232 hits
Najib Razak has said some of the requirements for EPF withdrawals are illogical and make things more difficult for the people PETALING JAYA Umno Supreme Council member Mohd Puad Zarkashi has called on MPs to reject the budget at the committ...
Sony S Plant In Penang To Close After 36 Years 3 400 Workers Affected

Sony S Plant In Penang To Close After 36 Years 3 400 Workers Affected

papar berkaitan - pada 4/12/2020 - jumlah : 546 hits
Some of the workers at the Sony plant in Penang will be transferred to its plant in Bangi Selangor GEORGE TOWN The Sony manufacturing plant in Penang which has been making audio products such as the Walkman for the export and local markets ...
Non Halal Section In Brand New Supermarket Boarded Up After Protest By Local Assemblyman

Non Halal Section In Brand New Supermarket Boarded Up After Protest By Local Assemblyman

papar berkaitan - pada 4/12/2020 - jumlah : 298 hits
The assemblyman stated that the protest against the non halal section was based on several factors including respecting the sensitivities of the 90 Muslim population in Puncak Alam and complaints of social crimes and fractured family relati...
Beli Rumah Lebih Jimat Dengan Kempen Hartanah Bumiputera Matrix

Tattoos Raised And Itchy

Bersatu Man Demands Dnb Exit Strategy For U Mobile

Khutbah Jumat Jumadil Awal Tangis Ibnu Rawahah Jelang Perang Mu Tah

Tattoos Portland Maine

Kisah Adv 160 Pengajaran Dari Bateri Lemah

Bertolak Ansurlah

Haram Guna Dan Jual Vape Dewan Pemuda Pas Pahang Zahir Sokongan Penuh Terhadap Titah Sultan


echo '';
Senarai Lagu Tugasan Konsert Minggu 1 Gegar Vaganza 2024 Musim 11

Info Dan Sinopsis Drama Berepisod Dhia Kasyrani Slot Akasia TV3

Biodata Terkini Reshmonu Peserta Gegar Vaganza 2024 Musim 11 GV11 Penyanyi Lagu Hey Waley

Gegar Vaganza 2024 GV 11 Hadiah Tiket Peserta Juri Format Pemarkahan Dan Segala Info Tonton Live Di Astro Ria Dan Sooka

6 Janji Donald Trump Kalau Dia Naik Jadi Presiden Semula


Mixology Vape S Commitment To Quality Crafting The Best Vape Flavours Nz

Pensyarah Didakwa Hina Nabi Jawi Turut Buka Siasatan

Murid Buktikan Pada Guru Lembu Makan Martabak

The Difference In The Concept Of Illicit Relationship Between Muslims And Non Muslims

Tiada Masalah Pas Ketuai Pn Tapi Bincang Dulu Kata Pemimpin Bersatu

Cek Pertama Dari Google Adsense