Juwai IQI: COVID-19 pandemic effect not as bad as anticipated

KUALA LUMPUR: The effects of the COVID-19 pandemic have not been as harmful as anticipated, according to the findings of a survey by real estate technology group, Juwai IQI.

The survey, which involved hundreds of consumers, revealed that Malaysians did quite well compared to many other nations, said group co-founder and chief executive officer, Kashif Ansari.

In a statement today, he noted that just over one year into the pandemic, 28 per cent of respondents reported that their household income is now higher than it was 12 months ago, while 40 per cent reported lower income, and 10 per cent of Malaysians reported that their income is now 'a lot higher' than one year earlier.

Kashif added that the best-off states are Penang and Sabah, with 29 per cent of respondents in each state reporting higher household incomes.

The survey, which examines the pandemic's impact on household incomes, employment and businesses, also revealed that the pandemic had upended normal routines.

It also revealed that Malaysians differ on how fast life will be back to something resembling normalcy, as some respondents expect normalcy to return only in 2023 or even later, while others believe it could happen as early as this year.

"There is very little difference along gender lines in terms of opinions on when life will return to normal, with 40 per cent of men and 38 per cent of women believing that life will be back to normal by the end of 2021," he said, noting that 14 per cent of men and 21 per cent of women believe it will take until 2023.

When it comes to keeping businesses open and maintaining high employment, he said that the pandemic had presented both government and businesses with severe challenges.

However, Kashif noted that 70 per cent of the survey respondents reported that they have neither lost a job nor had to close a business.

-- BERNAMA