Stimulus Package Malaysia 2020 Summary

Malaysia expects economic growth for 2020 to be between 3 2 per cent and 4 2 per cent minimum epf contribution by employees to be reduced by 4 per cent from 11 per cent to 7 per cent with effect.

Stimulus package malaysia 2020 summary. On friday 27th mar 2020 the prime minster announced the prihatin rakyat economic stimulus package amounting to rm250 billion for malaysia. President datuk michael kang said many companies were still only. Malaysia s 2009 stimulus package resulted in a budget deficit increase from 4 8 to 7 6.

Summary of economic stimulus package 2020 in malaysia. This package is equivalent to 17 of gross domestic product gdp compared to the 8 of gdp or rm67 billion package introduced during the 2008 global financial crisis. I believe the economic stimulus package will enable the malaysian economy to achieve the highest point of the range.

On 27 march 2020 prime minister muhyiddin yassin has announced an economic stimulus package known as caring package valued at rm250 billion that will benefit all the malaysians. This stimulus package provides an array of tax incentives financial support for businesses and wage subsidies. The package is anchored on 3 strategies namely mitigating the impact of covid 19 spurring rakyat centric economic growth and promoting quality investment.

Of six 6 months from 1 april 2020 to 30 september 2020 a special discount of 15 on monthly electricity bills will be given to six categories of businesses namely hotel operators travel agencies local airlines offices shopping. Below are the highlights of the economic stimulus package. Malaysia issued its latest stimulus package on june 9 2020 valued at 35 billion ringgit us 8 1 billion.

Malaysia has now issued over 290 billion ringgit us 67 billion worth of incentives since february 2020. Insya allah the 2020 economic stimulus package will be as successful. The prihatin economic stimulus package esp was unveiled by the prime minister on 27 march 2020.

The prihatin package will provide immediate assistance to lessen the burden of all especially those who are affected during the covid 19 pandemics. For more info click the button below. February 27 2020 4 21 am est updated on february 27 2020 5 20 am est 2 52.