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PETALING JAYA: Former Prime Minister Najib Razak has called on the government to put aside its concerns about the country’s deficit and introduce another economic stimulus package to avoid a further economic recession.
He said the third wave of Covid-19 outbreaks had built up heavy pressure on the economy, with the Klang Valley and Sabah under a conditional movement control order (CMCO).
Although many were still allowed to go to work, and shopping malls and restaurants could stay open, most Malaysians had been playing it safe by cutting down on their outings and expenses, he said.
“The situation is further complicated by the end of various aid and incentive measures from the Prihatin package, such as the loan moratorium, the rent exemption and the electricity discount.
“If the government just wants to take over the country’s deficit and does not launch another economic stimulus package and Prihatin that is significant enough, then the drop will be worse than projected,” he said in a Facebook post today.
Najib noted that several projections made by Putrajaya and Bank Negara Malaysia (BNM) for this year had been too optimistic and had been forced to be revised.
If immediate action is not taken, he said, the nation would need to prepare for an economic recession far worse than expected.
He said new outbreaks in western countries, with expectations of more cases in the winter, would close them soon and affect the world economy and Malaysia’s exports.
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