How does Covid-19 affect economy, business and society in Malaysia?

The coronavirus pandemic has set alarm bells ringing as it has spread all over the world. There are a large number of cases and deaths reported each day. The virus that originated from bats has reached pandemic proportions not only in China but also other countries including Europe and Africa. So far, there is no vaccine that can contain the virus. The spread of the virus can have several impacts on the economy, business and society. Malaysia’s exports drop, the unemployment rate is on the rise and economic growth shrinks due to the virus. Other than that, small and medium enterprises (SMEs) also fall prey to the virus as most of them have to shut down. Society also faces the need to change their perception and behaviour in order to be accustomed to the government’s enforcement. Therefore, the government must play an important role in protecting the economy, business and society. The government has used fiscal policy by giving a stimulus package of RM250 billion. The policy can cushion the detrimental impacts of the coronavirus on the economy, business and society.