On 27 March 2020, the Government announced a Second Economic Stimulus Package 2020 (ESP2) themed Prihatin Rakyat. The ESP2 which is valued at RM250 billion, includes:
It is not surprising that the ESP2 came exactly one month after the First Economic Stimulus Package 2020 (ESP1), valued at RM20 billion, was announced on 27 February 2020.
Since the ESP1, Malaysia recorded over 2,000 positive cases and 24 deaths due to COVID-19 and is presently under a movement control order (MCO) since 18 March 2020. Also, COVID-19 outbreak is reported in almost every country around the world with the United States of America topping the list, surpassing China!
The negative effects of COVID-19 outbreak and MCO are greatly felt by the Rakyat and business community. Hence, it is hoped that the proposed measures under ESP2 will be able to spur the economy going forward.
Prime Minister speech
- Source: https://www.pmo.gov.my/wp-content/uploads/2020/03/Speech-Final.pdf
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Other Economic Stimulus Packages and Insights
COVID-19 Impact and Response