Facing challenges and realities, time to act

 

The Covid-19 pandemic continues to ravage in its new forms and particular characteristics, continuously putting nations, and peoples on alert.

However, it is now time for the government to undertake a complete cost-benefit analysis of the overall impact of Covid-19, especially on the key areas of economy and society.

a) The domestic economy

To objectively analyse the impact on each economic subsector with the parallel measures to effectively address identified problems and issues.

b) Export-oriented industries and businesses

To identify where along the supply and production value chains of such industries have been negatively affected by the disruptions, distortions and to assist businesses to overcome the problems.

c) Investments, reinvestment, and divestments by both local and foreign investors

This includes revisions to existing rules that only constrain and act as disincentives to the private sector in deciding to undertake new businesses, new investments, and expansion here in Malaysia.

d) Education and the impact of lockdowns, for example:

- The absorption of education among students at all levels, especially in schools

- The extent of backsliding as a result of the many interruptions on the delivery of education, especially among children of lower-income families and those living in rural areas.

- The effect on the quality of delivery of education.

- The need to review the existing formats of examinations and to ensure no artificially crafted “performance curves” are put into place merely to present “good performance”.

e) The state of mental and social health of society resulting from lockdowns

This includes the effects of various stresses and pressures arising from the impact of the various lockdowns, especially on the workforce, businesses, and small businesses.

It is important to undertake the Covid-19 impact cost-benefit analysis, bringing in the key stakeholders so whatever measures proposed are targeted and will bring about the desired results.

Russia-Ukraine war

And now, on the Russia-Ukraine conflict. The war has already impacted the price of Petroleum, and there will certainly be some other global fallout from that conflict.

Malaysia must be alert to the potential negative repercussions and prepare pre-emptive measures now.

Being preoccupied only with domestic politics and politics-related issues will catch Malaysia off-guard when economic dislocations occur and the Malaysian economy is negatively affected.

Measures put in place must not be politically motivated with the elections in mind. The government must act responsibly, putting the people and the nation before political expediency.

The failure to face realities will set Malaysia back for years, causing us to fall behind our competitors.

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RAFIDAH AZIZ is a former international trade and industry minister.

The views expressed here are those of the author/contributor and do not necessarily represent the views of MMKtT.