KUALA LUMPUR, July 17 (Bernama) — Global\neconomic recovery is expected to accelerate in the second half of\nthis year after the massive contraction in the first half due to the COVID-19\npandemic.<\/p>\n\n\n\n
Chinese e-commerce giant JD.com chief economist Jianguan\nShen said purchasing power has improved tremendously in the second\nquarter, boosted by the stimulus packages announced by governments worldwide.<\/p>\n\n\n\n
“The stimulus packages has managed to reduce the\neconomic impact on individuals as well as companies that had been affected\nby the economic shutdown,” he said during the Global Economic Outlook\nPost-COVID-19 sharing session, organised by the World Economic Forum (WEF).<\/p>\n\n\n\n
On Thursday, China reported that its gross domestic\nproduct grew by 3.2 per cent in the second quarter (Q2) after a steep\n6.8 per cent declined in Q1, surpassing expectations.<\/p>\n\n\n\n
Meanwhile, Malaysia\u2019s economy is expected to see a\nsharp contraction in Q2 due to the implementation of the Movement Control Order\n(MCO), but a recovery is expected in Q3 following the resumption of economic\nactivities.<\/p>\n\n\n\n
However, Shen said that while countries are on the path\nto economic recovery, governments must not forget the low-income\ngroup which is recuperating at a much slower pace.<\/p>\n\n\n\n
“The fastest recovery is recorded in cities as well as\namong high-income workers, as work has been resumed at a large scale. <\/p>\n\n\n\n
“Some sectors, especially tourism, are still not\nfully operational as the borders are still closed, and most of the\nworkers in the tourism sector are low-income earners,” he said.<\/p>\n\n\n\n
In Malaysia, domestic tourism has boomed with the gradual\neasing of the MCO, but the industry\u2019s recovery is still slow.<\/p>\n\n\n\n
According to the Ministry of Tourism, Arts and Culture, the\ntourism industry suffered losses to the tune of some US$10.53 billion\n(RM45 billion, US$1 = RM4.26) as of June this year, following the closure of international\nborders and cancellation of events due to the COVID-19 pandemic.<\/p>\n\n\n\n
Meanwhile, WEF managing director Saadia Zahidi said that\npost-COVID-19, it is important for countries to conduct a post-mortem to gauge\nthe strength of their economy. <\/p>\n\n\n\n
“COVID-19 has revealed our economy\u2019s\nvulnerabilities and emphasised the importance of stimulus to boost the local\neconomy. However, governments need to ensure they have enough fiscal space to\ndo so,” she said. <\/p>\n\n\n\n
Malaysia has launched three stimulus packages, namely the\nPRIHATIN Economic Stimulus Package, Additional PRIHATIN SME Economic\nStimulus Package and the PENJANA Short-Term Economic Recovery Plan\nworth US$69.08 billion (RM295 billion) to boost the local economy following the\naftermath of the COVID-19 crisis. <\/p>\n\n\n\n
— BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, July 17 (Bernama) — Global economic recovery is expected to accelerate in the second half of this year after the massive contraction in the first half due to the COVID-19 pandemic. Chinese e-commerce giant JD.com chief economist Jianguan Shen said purchasing power has improved tremendously in the second quarter, boosted by the stimulus packages announced by governments worldwide. “The […]<\/p>\n","protected":false},"author":19,"featured_media":82725,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[288,300],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/83882"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=83882"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/83882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/82725"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=83882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=83882"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=83882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}