Learn from this unprecedented crisis we are facing

Bank Negara Malaysia’s annual report that was released on Friday offers a rather dismal socioeconomic outlook. The central bank’s governor, Datuk Nor Shamsia, should be commended for the report’s honesty and courage in highlighting our economic weaknesses.

Firstly, it’s a major setback to go from an earlier forecast of 4.8% economic growth to only 0.5%. Indeed, depending on the duration of the Covid-19 crisis and the movement control order, we could expect even lower growth rates. Perhaps we should even be prepared for a recession.