Prof Yeah pointed out that recession risk in trade-dependent Malaysia remains very high in light of the looming global recession where millions have been thrown out of work, notably in the US.
Prof Yeah said the government urgently needed to study the “adequacy and efficacy” of the so-called National Care Assistance (Bantuan Prihatin Nasional) package.
Prof Yeah said differing policies from the federal and state governments in response to the COVID-19 pandemic have played out across the world as well.
Prof Yeah argues that our excess capital is 3.1 times larger than it was during the GFC. As such, the banking system is in a stronger position to absorb losses in the current crisis.
Prof Yeah believes that the foreign worker situation in Malaysia has not turned into a crisis but there will likely be one if their Movement Control Order is extended further.