KUALA LUMPUR: The National COVID-19 Immunisation Program will increase investment, thus making consumers spend more in the national market.
Bank Islam Malaysia Bhd's Chief Economist, Dr Mohd Afzanizam Abdul Rashid, said although it takes time, confidence in the program will help the stock market and open up to greater economic activity.
"So, I think from the real economic point of view, it is perhaps still slow in terms of reality in line with the vaccination process.
"However, the measures that have been announced on vaccines should help a lot in increasing confidence, so the economy will slowly move in line with the vaccine program and this will be followed by the assistance provided by the government in terms of economy and others.
"That will help a lot in supporting the economic recovery process that will be more competitive in the future," he said during a video conference on Sunday.
On Sunday, Malaysia Airlines flight MH604 with the Jalur Gemilang livery decoration carrying the first batch of Malaysian COVID-19 vaccine supplies safely landed at the Kuala Lumpur International Airport (KLIA) at 10 am.
The Pfizer-BioNTech vaccine was flown using an Airbus 330-300 aircraft operated by MABkargo Sdn Bhd (MASKargo) from the Pfizer plant in Belgium, with the flight carrying the vaccine departing from Puurs and transit at Leipzig Halle Airport, Germany.
In the meantime, said Dr Mohd Afzanizam, this year's economy is expected to be better than 2020.
However, it is clear that it depends on the economic process itself as well as the number of pandemic infections that will affect the momentum of economic recovery.
Earlier, Dr Mohd Afzanizam said the global economic uncertainty following the COVID-19 infection was expected to drive Bank Negara Malaysia (BNM) to reduce the Overnight Policy Rate (OPR) up to 25 basis points (bps).
He said, although the decrease of 1.75 per cent is the lowest rate in the history of the country, it is necessary to ensure that the economy can be driven even better.
Astro Awani
Sun Feb 21 2021
Dr Mohd Afzanizam said although it takes time, confidence in the program will help the stock market and open up to greater economic activity. Filepic/Sinar Harian
Iran's supreme leader says Hamas leader's death will not halt 'Axis of Resistance'
The "Axis of Resistance", built up with years of Iranian support, includes Hamas, the Lebanese Hezbollah group, the Houthi movement in Yemen, and various Shi'ite groups in Iraq and Syria.
Putin says Russia willing to seek compromises between Iran and Israel
Russia is ready to help seek compromises between arch-foes Israel and Iran, President Vladimir Putin said on Friday, saying these would be difficult but possible.
What proposals will Russia push at the BRICS summit?
The proposal is also to establish a BRICS reinsurance company to allow uninterrupted shipment of goods and key commodities between members.
Indonesia's free meals plan in the spotlight as Prabowo readies for office
Prabowo calls the programme one of the main drivers of economic growth, eventually set to add an estimated 2.5 million jobs.
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.