[ad_1]
PETALING JAYA: The government is looking to get the economy back on track by continuing mega infrastructure projects like the ECRL, MRT2 and LRT rail projects.
Earlier today, the economy was reported to have contracted 5.6%, its worst performance since 1998.
In a statement, Finance Minister Tengku Zafrul Aziz said that large-scale rail projects were among the priority measures Putrajaya was considering, along with strengthening the country’s income base by regulating the shadow economy.
The shadow economy, he said, was worth about RM300 billion in 2019 and its regulation would better ensure the protection of informal workers.
“(Another measure is) to improve human capital policy to ensure our talents are future-proof, in preparation for the challenges of the digital age.”
He added that the government would also build capacity along the entire supply chain of certain sectors, including agricultural technology, education and artificial intelligence.
Tengku Zafrul said Putrajaya was also looking to implement a medium-term revenue strategy.
He said that the contraction of 5.6% was a better performance than the projections of international organizations such as the International Monetary Fund (which had forecast -5.8%), the World Bank (-5.8%) and the Asian Bank of Development (-6.0%).
Tengku Zafrul said the second motion control order (MCO 2.0) had been less restrictive and would have less of an impact on the economy than its previous iteration.
He also said that the various initiatives implemented by the government in the national budget and the Permai package would mitigate the impact of MCO 2.0.
“The government is also confident that the systematic and effective implementation of the national Covid-19 immunization program will encourage the reopening of various economic sectors, restore consumer confidence, and boost Malaysia’s economic growth and resilience.”
