Ministry of International Trade and Industry

The past year has wrought change unlike any other in the past decade. With the pandemic, and our collective efforts to combat it, a host of unforeseen and unintended economic consequences were unleashed. Many experienced a wake-up call; questions about sustainability and business continuity were raised and many were found wanting. 

The country’s Gross Domestic Product (GDP) suffered a contraction to -17.1 per cent in the second quarter of 2020. Consequently, the Government pumped a massive RM320 billion of stimulus packages not just to mitigate the adverse economic impact on the rakyat but also to revitalise the entire economy. 

By the third quarter of 2020, the decline in growth was brought down to -2.7 per cent. This showed that despite the best efforts at economic recovery, it takes an extended period of time before the economy returns to normal. 

As 2021 sees yet another wave of COVID-19, we at the Ministry of International Trade and Industry (MITI) together with other economic agencies have formulated strategies to minimise the impact of the pandemic on our already battered economy. As Malaysia is an important player in the global supply chain, it is our onus to ensure minimal disruption to the supplies of essential goods such as PPE, and parts and components for medical devices. Above all, the Government has to ensure that the people’s livelihoods are secured.

Though times are tough, we must be cognizant of the silver linings and the opportunities that may arise. Recollective, as the name suggests, captures the effort of the Ministry and more importantly, the country’s performance in trade and investments for the month. We strive to ensure that there will be continuous efforts to drive growth and prosperity in the nation.

Do stick with us on this journey!

#EconomicFrontliners

MITI Recollective Editorial Team