News: COVID-19’s psychological effect main stumbling block to economic recovery

Jun 15, 2020

Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed believes the psychological effect of the COVID-19 pandemic on the public could affect Malaysia’s economic recovery. 

He said the government partially succeeded in reviving the economy as hotels gradually reopened during the Recovery Movement Control Order (RMCO) period, while airlines resumed domestic flights and small and medium enterprises also resumed operations as reported by Bernama. 

“But the psychological effect on the public, making them fearful of carrying out normal daily activities like going on holiday, going out shopping or to schools and the like, is the main stumbling block to economic recovery,” Mustapa was quoted by Bernama as saying following a visit to the Bukit Rokan Felda settlement.

He revealed that the government has been successful in addressing the public health challenges brought by the pandemic.

In fact, other countries are trying to emulate some of the methods that Malaysia adopted in handling the COVID-19 crisis.

Will COVID-19 Impact House Prices? Read about it here! 

“If handling the health issue is the first phase, the second phase is reviving the economy, and Penjana (the short-term economic recovery plan announced on June 5) is being closely monitored.”

And with around 90% of Malaysians having returned to work, Mustapa said the government is now focused on explaining the standard operating procedures (SPOs).

“There should be more meetings between the relevant quarters and the government, and this is happening. I feel that if the SOPs can be explained further, we will be able to see several economic sectors reopening and operating smoothly,” he added.

 

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