Tan Sri Azman Hashim

President MASSA

Malaysia had an eventful start to the year 2020.  A new Government under Prime Minister, YAB Tan Sri Dato’ Hj Muhyiddin bin Hj Mohd Yassin, came into power in March 2020.  YAB Prime Minister and his new cabinet of ministers had no time to lose but to immediately face enormous challenges that included the sudden drop in global oil prices which led to the drastic fall in global equity markets that rocked the financial markets, following closely on the heels of WHO-declared global Covid-19 pandemic.

In response to the efforts to stem the  global pandemic crisis, Malaysia instituted the “ Movement Control Order “ (MCO) from  18-31 March 2020 and extended to 14 April at the time of writing this message.    Like in many other nations,  this had led to sharp contractions in consumer spending, tourists movement and expenditure, curtailment of airline travel and many other consequent supply chain disruptions in our domestic economy. These consequences will pose downside risks to fiscal revenue forecasts and corporate earnings expectations. The dramatic and swift downturn of markets and the global spread of the Covid-19 pandemic have highlighted the fact that the global community is dependent on the interdependency of all nations. A crisis of such global proportions will need a united global response.

Our Government has a daunting task to work and deploy innovative solutions speedily, opening up public sector assistance to businesses and the rakyat as a key priority to support household incomes in order to maintain stability in the midst of this crisis.

As a business NGO, MASSA is committed to play a role to support our Government to overcome this crisis together. The Economic Action Council (EAC) established on 11 March 2020, chaired by YAB Prime Minister, is open to ideas and constructive suggestions that can be translated to policy measures for the good of the country. MASSA members would have received our Circular (MASSA CIR 020/2020) dated 23 March 2020. Members prompt, considered and constructive responses would be welcome by the EAC.

I would encourage members to take appropriate measures to ensure your employees and families stay safe in these challenging times. Our own  economic situations have been affected in ways unprecedented.  Nevertheless, we should stay calm and ponder the steps to rebuild, innovate and reconnect when this tide passes.  Our sacrifices today for a better world tomorrow will not be in vain.