Thursday, 07 May 2020 05:48 PM MYT
Technically, it is too early to call the current economic downturn a recession, since recession is generally defined by a period of economic decline in two successive quarters i.e. six months. Recession is fairly common and considered as part of a healthy economic cycle while economic depression on the other hand, is far more uncommon. Depression is far more devastating than a recession and the period of economic decline may last for years.
Malaysia has decided to re-open almost all of its economic activities on 4 May under a Conditional Movement Control Order . Many parties have voiced concerns over the lack of a soft-landing approach by the federal government in re-opening the economy, with some state governments outrightly refusing to comply with the CMCO. Although this decision may appear hasty, it is understandable since Malaysia continues to lose RM2.4 billion every day while the MCO is in place.
Temporary measures or amendments to the law have also been introduced to provide some relief. One of the most significant amendments is the Companies Order 2020 which protects companies from being wound-up for a period of 6 months after receiving a statutory demand, compared to the previous period of 21 days. Not wanting to be left behind, the judiciary had started conducting court hearings online, with the Court of Appeal streaming its hearings live for the first time on 23 April.
Aren't we all?
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