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Chapter 10 : Current Issue In Economics, Group members : - Coggle Diagram
Chapter 10 : Current Issue In Economics
Effect
Individual
losing their jobs, as well as individuals going bankrupt financial debts, unstable income.
unemployment rate is high
Individuals and businesses affected by the temporary closures will be at high risk of facing immediate cash flow
Firm
the production due to the strict requirements on the reduction of manpower in manufacturing plant and disallowing movement beyond the tightened MCO hours
closure of small businesses, mainly the small and medium-sized enterprises (SMEs) and services, could probably lead to permanent shutdowns
Financial issues include cashflow, liquidity, delays in receivables and declines in revenue.
Fall on demands from customers The need to change into a digital platform to promote businesses.
Airline Industry
RM10.9 billion loss from Malaysia-based airlines such as Malaysia Airlines Bhd, AirAsia Group Bhd and Malindo Airways Sdn Bhd, and another
three local carriers affected 4.316 million passengers has been cancelled, while another 1.211 million passengers postponed their flights.
628,000 passengers were also given refunds worth RM399 million
Malaysia Airlines,MCO has scaled down its operation, introduced salary cuts, and offered unpaid leaves to over 13,000 of its employees
Food industry
businesses are only
allowed to operate from 0800am to 0800pm
restaurant and food outlets (takeaway), and food/goods delivery services
FIA is working closely with the local industry association, the FMM MAFMAG
Tourism Industry
Prime Minister of Malaysia Tan Seri Muhyiddin Yassin has particularly stated that the nation's tourism industry has been crippled, with an estimated loss of RM 3.37 billion in the first 2 months of the year
How Government control the Economy
The Government of Malaysia enforced a Movement Control Order starting on March 18, 2020 to break the chain of COVID-19.
The earliest efforts taken by the MoH to prevent disease transmission was the enforcement of health screening at all points of entry.
The allocation of RM 600 million to the MoH to battle COVID-19 is utilized to buy ventilators and personal protective equipment (PPE) and to appoint 2000 nurses on a contract basis
Announcing the RM 250 billion PRIHATIN Package to support micro, small, and medium-sized enterprises struggling to retain their employees
Announcing the RM 250 billion PRIHATIN Package to support micro, small, and medium-sized enterprises struggling to retain their employees
Effect of Prihatin pakej and i-lestari
Prihatin package is expected to contribute an estimated 2.8 per cent to the country’s Gross Domestic Product (GDP) this year.
The Government’s stimulus packages and the short-term economic recovery plan have softened the impact of the COVID-19 pandemic and paved the path towards economic recovery
BPN will ease cash flow challenges and allow individuals and families to purchase daily necessities, including promotional items
Moratorium introduced in the package helps individuals to control their debts and started saving
Group members :
Mohd Zulfarizan bin Zulkfly (IB0106955
Yasothai Vijayan IB0106949
Aynura natrah faezah bt ahmad rafaai
Ib0107707
Krishven Sharma IB0107254