MEDAC: MSMEs suffered RM40.7b losses in 2020

Datuk Seri Wan Junaidi Tuanku Jaafar cautioned that some 580,000 businesses, or 49% of the MSME sector, are at risk of failing by October, if they are not allowed to open up their operations by then.

KUALA LUMPUR: The micro, small & medium enterprises sustained RM40.70b losses in 2020 due to nationwide lockdown to curb the Covid-19 pandemic, the Ministry of Entrepreneur Development and Cooperatives (Medac) said.

Medac said on Thursday based on the Statistics Department’s latest data, the MSME sector’s GDP contribution shrank more than 7% on-year to decline to RM512.80bil from RM553.50bil in 2019.