Tan Sri Azman Hashim
President MASSA

Bank Negara Malaysia recently released its 2Q20 report wherein the Malaysian economy registered a contraction of 17.1% (1Q2020: 0.7%).  This decline is a reflection of the unprecedented impact of the stringent containment measures taken by our Government vide the Movement Control Order (MCO) to control COVID-19 pandemic which took effect on 18 March 2020.  This created demand and supply shocks.  As COVID-19 pandemic impacted many other nations around the globe, external demand conditions weakened substantially  and production constraints and gaps became evident.

Our Government’s quick response, with a sizable fiscal stimulus package in a few tranches targeting a wide spectrum of the rakyat, was able to support the gradual easing of movement restrictions that helped to kick-start the economy again from as early as May 2020.

Barring further unforeseen risks, the Malaysian economy is expected to begin to recover gradually in the 2H2020 as the economy progressively re-opens and external demand improves.  However, the outlook will continue to face on-going uncertainties from low global oil and commodity prices and US-China trade tensions as the impacts from COVID-19 pandemic continue to linger.

The pandemic accelerated the push for businesses to find new ways  to stay afloat and to reach customers and it became evident that “going digital” would be the way forward.  As we navigate this crisis, we will have to adapt to the new operating landscape to ensure our respective businesses can continue with a “people-first, health and safety” mindset.

MASSA held its 29^th Annual General Meeting (AGM) on 29^th June 2020.  The current EXCO members continue to serve the 2^nd year of the term 2019/2021.  My gratitude and appreciation to my fellow colleagues in the MASSA Executive Committee for your continuing support.  Thank you also to MASSA members for your participation in the activities of the Association.

Stay safe.

Tan Sri Azman Hashim
President
MASSA