MP SPEAKS | Economic plan to revive 2021-2023 economy

MP SPEAKS | The impact of the pandemic is unprecedented. Globally, 45 million people have contracted the virus and close to 1.2 million have died. In Malaysia, about 250 of our citizens have died, with nearly 31,000 infected.

Covid-19 has affected the world economy severely. Global GDP of 2020 is forecasted to contract by -4.4 percent, in comparison to an expansion of 2.8 percent in 2019. The impact is worse compared to the 2008 Global Financial Crisis, and the slowest in 80 years.

World Bank estimated that the pandemic will push an additional 88 million to 115 million people into extreme poverty this year, with the total rising to as many as 150 million by 2021.

The pandemic has also led to a massive loss of employment and therefore income, with International Labor Organization (ILO) estimated the number of job losses around the world to hit close to 350 million...