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Hit hard by the pandemic, service industries in Asia-Pacific countries explore novel models for survival under the ‘new normal’
At least one pledging more support ahead from the bank
PETALING JAYA: Bank Negara has gone full-throttle to accelerate Malaysia’s economic recovery after it slashed the benchmark interest rate to 1.75%, an all-time-low since the central bank adopted the overnight policy rate (OPR) framework in 2004
KUALA LUMPUR: The time is ripe for Malaysia to realign its focus towards stimulating domestic investments by encouraging local businesses to invest in high potential industries such as healthcare, medical supplies and pharmaceuticals, as well as the information and communications technology-related industry, according to the Statistics Department.
THAILAND approved a plan worth 22.4 billion baht (US$720mil) to boost domestic tourism as the nation’s borders remain closed to foreign tourists because of the novel coronavirus outbreak.
Unprecedented drop in working population
KUALA LUMPUR: The number of unemployed persons spiked by 48.8% to 778,800 in April and the overall unemployment rate increased to 5% as the economy felt the full impact from the lockdown during the Movement Control Order (MCO).