Talks of a fiscal stimulus package has gathered momentum as the Malaysian economy grapples with the impact from the Covid-19 outbreak. The country obviously is not alone in thinking about on how best to stimulate the economy. Singapore, for instance, has targeted their fiscal deficits to widen from 0.3 percent of GDP in FY2019 to 2.1 percent in FY2020. A total of SGD4 billion has been allocated for a Stabilisation and Support Package in 2020 to primarily support the wages of local employees. Malaysia last announced a fiscal stimulus package during the US Sub Prime Crisis in 2008-2009. Back then, two fiscal stimuli wherein introduced in November 2008 and March 2009, totalling RM67 billion or 9.1 percent of GDP. The economy went into recession in 2009 with GDP contracting by 1.5 percent. However, the country’s GDP growth jumped to 7.5 percent in 2010 and thereafter, economic growth was sustained at 5.1 percent between 2011 and 2019.
This story is from the March 2020 edition of Business Today Malaysia.
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This story is from the March 2020 edition of Business Today Malaysia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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