Economic Stimulus Package saves over 2.4 million jobs

The Economic Stimulus Package implemented by the government during the Movement Control Order (MCO) from March 18, has saved over 2.4 million jobs.

Prime Minister Tan Sri Muhyiddin Yassin said the package also reduced the cash flow burden of nearly 11 million Malaysians and supported more than 300,000 companies.

“The government's economic stimulus packages have saved over 2.4 million jobs, reduced the cash flow burden of nearly 11 million people and provided support to over 300,000 companies.

“The implementation of the Prihatin Packages is still ongoing. Although the economic sector has been opened, we are grateful that the COVID-19 outbreak is still under control. To date, there has been no sudden surge in cases.

"This is because employers, traders, employees and customers in the business premises are in compliance with government guidelines and SOPs (standard operating procedures)," he said in a special address on the Short-Term Economic Recovery Plan (ERP) here on Friday.

He added that the COVID-19 pandemic was affecting the world economy and that Malaysia was not spared

According to Muhyiddin, according to projections from the Department of Statistics Malaysia, the unemployment rate is expected to increase to 5.5 per cent or more than 860,000 unemployed by May 2020.

He added that, according to a previous data, the country's unemployment rate was 3.9 per cent or more than 610,000 unemployed in March 2020.

"Given this challenging situation, the country's economy is expected to contract in the second quarter of this year following efforts to contain the spread of the COVID-19 outbreak," he said.