Post-Pandemic Development in Malaysia
The Covid-19 virus which was first detected in late 2019 began to have a pandemic effect in 2020, causing a crisis not only in the health sector but spreading into the economic sector almost as a whole. This is mainly due to a lockdown or movement control implemented by various countries, pushing the tourism sector chain to almost complete paralysis, declining various production and slowing down trade both domestically and internationally. In some countries such as Malaysia, the transfer of power on March 1, 2020 made the crisis not only about health and the economy, but threefold and political.
This discussion paper tries to invite the reader to review the various views of the author on issues that in his opinion need to be given serious and immediate attention by all parties. The author believes that the spirit of ‘creative destruction’ that was once popularized by the economist, Joseph Schumpeter about eight decades ago can be taken as a guide for policy makers. His interesting explanation of the mechanisms of continuous process and product innovation through restructuring of key aspects of macroeconomic performance, not only on long-term growth but covering economic fluctuations, structural adjustments and functional market factors needs to be considered.
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Post-Pandemic Development in Malaysia (Problems, Opportunities and Challenges)