[ad_1]
KUALA LUMPUR: While Malaysia is on the road to economic recovery, containing the Covid-19 pandemic and protecting the most vulnerable in society must remain the country’s top priority in the short term.
World Bank Group Senior Economist Shakira Teh Sharifuddin said Malaysia is projected to grow 6.7% in 2021, which could be attributed to a rebound from a low base in 2020, continued improvements in exports, as well as a gradual build-up of momentum in private consumption and investment.
“However, the most important thing is to contain the pandemic and protect vulnerable households in the short term.
“In the long term, fiscal policy should refocus on rebuilding buffers to counteract future shocks and sustaining public financing,” he said today in the mid-day update of Bernama TV.
Shakira was commenting on the recently released report, World Bank Malaysia Economic Monitor: Sowing the Seeds, which highlighted that containing the pandemic is vital to ensuring a safe resumption of economic activity and avoiding a longer recession.
According to the report, this would include specific mobility restrictions in high-risk areas, large-scale testing and contact tracing to limit the spread of the virus, as well as additional funding allocations in the health sector to meet growing health needs. domestic. and emergency services and to facilitate the timely and equitable distribution of Covid-19 vaccines when available.
The report focuses on the potential of the agricultural segment to raise Malaysia’s economic status.
“Specifically, agri-food is a topical issue, given that at the beginning of the pandemic, when the movement control order was in force, there was a lot of concern about food safety.
“Second, the data shows that most of the B40 income group is involved in the agricultural sector.
“Therefore, addressing the challenges and improving this sector will have a positive spill-over effect on Malaysia as a whole,” he added.
