As we\u2019re approaching the end of 2022, it also marks us going into our third year of living with the Covid-19 pandemic. By this point, the effects of the pandemic have been well documented, with wide-reaching implications on the economy, and even the lifestyle of Malaysians.<\/p>\n
The presentation of Budget 2022 from the government is one of the most awaited events for Malaysians, to see what the government has in store for the people to help galvanize the economy.<\/p>\n
But first, let\u2019s have a look at the economic fallout caused by the pandemic.<\/p>\n
At this point, it can be said that the Malaysian population has bounced back quite admirably from the hardships the pandemic put us through. With the vaccination rates inching higher each day and lockdowns eased, Malaysians are slowly getting back into the swing of things, eager to face the new normal.<\/p>\n
This goes for our economy as well. Studies<\/a> done by the World Bank and the International Monetary Fund projected that Malaysia\u2019s Gross Domestic Product (GDP) will grow at 5% and 6% respectively, as our economic upturn is supported by the continued efforts from the government to gradually normalise our economic activities.<\/p>\n However, this does not mean that the pandemic didn\u2019t leave long lasting effects on Malaysians. One of them is on unemployment rates. During the reinstatement of the lockdowns this year, the unemployment rate rose to 4.8%<\/a>, which translates to 768,600 jobless Malaysians, according to statistics from the Department of Statistics Malaysia (DOSM).<\/p>\n