KUALA LUMPUR – The country’s economy is expected to show a positive development by mid-year once the National Covid-19 Immunisation Programme gathers momentum, an economist said.
Academy of Sciences Malaysia fellow Datuk Madeline Berma said economists predict that Malaysia will be able to revive its economy starting from the third quarter of this year, depending on the implementation of the vaccination drive, which begins on Wednesday.
“This is in line with the forecast issued by the Economic Planning Unit, which expects the country’s economy to recover around 4.5% to 5.0%.”
Madeline said the services and manufacturing sectors need to be given priority in the programme to help increase production rates.
She said with the vaccination drive underway, the country’s tourism and export sectors could also be mobilised again to open more economic opportunities for industry players.
“The country’s tourism and export sectors have been badly affected by the closure of national borders since the movement control order was imposed.”
She said investments from international pharmaceutical companies in the research and production of the Covid-19 vaccine in the country could help reduce the unemployment rate.
She added that the potential for collaborative research and vaccine production in the country will open up opportunities for recruitment of highly skilled graduates.
“We hope the presence of pharmaceutical companies that could create jobs will drive the country’s economy and instils confidence in foreign and local investors that the economy is growing and recovering well with a good cycle.
“This is a good development in the effort towards a high-tech country in line with the launch of the digital economy blueprint.” – Bernama, February 21, 2021
