Fitch Solutions: Malaysia’s Middle Income Earners Hard-Hit by COVID-19 in 2020; Recovery in Sight
July 24, 2020
Email Official data cited by Fitch Solutions Country Risk & Industry Research (Fitch Solutions), estimates that 210,000 households in Malaysia from the upper-middle income group (those having disposable incomes between USD 25,000 and USD 50,000) will experience a disproportionate fall in income levels, resulting from the movement control order (MCO) implemented to contain COVID-19.
The restrictions imposed by the MCO commenced in March, when Prime Minister Tan Sri Muhyiddin Yassin effectively closed down most of Malaysia in efforts to contain the pandemic. This lockdown has severely impacted the Malaysian economy, which is anticipated to contract from the first time since the Asian Financial Crisis in 1997.
