Covid-19 pandemic has shocked the world economic structure and will cause a global recession which could be worse than the economy crisis happened in 2008. To help stimulate the domestic economy, Malaysians should spend prudently by buying locally made products during this pandemic.
The Electrical and Electronic Association of Malaysia (TEEAM) is urging the government to promote Malaysian-made goods and engineering services to help revive the economy.
The government should lead by example
The government should enforce all government agencies and government-linked companies to promote a buy local first policy.
“The chain effect is tremendous when the local industries and private sectors are also promoting the same.”
TEEAM said by doing so, the Malaysian economy will be able to save and get back on track in the shortest period. Besides, this would help increase the local industries’ productivity and exports and benefit the economy in the long term.
“TEEAM as a trade association for the electrical and electronic industries strongly promotes buying local products and services.”
The movement control order (MCO) which was imposed on Mach 18 due to Covid-19 had severely affected companies’ cash flow and revenue.
“With this unprecedented situation, various economists have reported and government agencies have highlighted that the world is going into recession and Malaysia’s gross domestic product growth is forecast at minus 2.5% for 2020.”
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