Economic recovery likely in 2021: DoSM

KUALA LUMPUR (BERNAMA) – Malaysia’s economy is expected to continue its journey towards recovery in the early months of 2021, according to the Department of Statistics Malaysia (DoSM).

Citing the recent the Asian Development Bank (ADB) economic report, Chief Statistician Dr Mohd Uzir Mahidin said Malaysia’s gross domestic product (GDP) is projected to fall by 6.0 per cent this year before bouncing back to 7.0 per cent in 2021.

Hence, he said it is crucial to find the right solution and targeted approach to curb the spread of the COVID-19 pandemic, while ensuring that the industry players would not be hugely impacted.

“Malaysia’s economy is gradually recovering as the unprecedented pandemic situation is still controllable with the strict standard operating procedures set by the government,” he said.

He also noted that the government’s policies and initiatives have supported the stabilisation of the labour market condition, leading to a gradual improvement.

Mohd Uzir added that more strategised efforts should be made to promote entrepreneurship as an income source, producing job creators as opposed to job seekers, especially among the youths. Simultaneously, to increase employability, youths must always be ready to update and upgrade their knowledge and skills to ensure that they remain agile and adaptable to the ever-changing labour market prerequisites, he said.

Meanwhile, he also noted that the government had also recently permitted inter-district and interstate travel, which would boost domestic tourism activities.

“Moreover, the year-end period will usually be bustling with tourism activities as people take advantage of the long holidays, thus contributing to the significant growth of the tourism-based industries nationwide,” he said.

Mohd Uzir also highlighted that the COVID-19 pandemic was a blessing in disguise for e-commerce, as online purchases had increased, which also helped to boost post and courier service providers’ revenue.