COVID-19: Economic Stimulus Package 2020
28 February 2020
In light of the COVID-19 outbreak which has affected to global and Malaysian economic scene especially the tourism sector, the Government has announced the 2020 Economic Stimulus Package with the theme “Bolstering Confidence, Stimulating Growth and Protecting Jobs.” Various strategies have been formulated in order to ensure that the Malaysian economy remains steady during the outbreak.
As a result of the global economic scenario and the impact of the COVID-19, the Malaysian GDP growth in 2020 is expected to range from 3.2% to 4.2%. With the formulation of the stimulus package the Government targets the fiscal deficit to increase slightly to 3.4% of GDP compare to the original target of 3.2%.
The stimulus package which is valued at RM20 billion is to implemented using the following three strategies:
- Mitigating impact of COVID-19;
- Spurring Rakyat centric economic growth; and
- Promoting quality investments.
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