Larry Sng
MIRI: Parti Keadilan Rakyat (PKR) Sarawak chairman Larry Sng believes that the state’s economy has been hard hit by the Covid-19 pandemic coupled with rock-bottom oil prices, and that it could take up to two years to recover.
The Julau MP says the industries of oil and gas, tourism, timber, manufacturing, commodities and retail in the state have been badly impacted over the past two months, affecting both state and national coffers.
“I don’t foresee a positive recovery in the state’s economy for this year and the next.
“Fortunately, Sarawak has huge reserves and in times like this, the government should dispense the funds to assist the M40 and B40 of society as well as SMEs (small and medium industries) who are badly affected by this,” he told The Borneo Post yesterday, referring to the middle-40 per cent and bottom-40 per cent of society, respectively.
He was asked to comment on the impact of the Movement Control Order brought about by the pandemic, as well as record-low global
oil prices, on the state and national economy.
He said while the economic impact of the pandemic had yet to be fully ascertained, what is certain was that market disruptions would have a long-term effect on businesses so long as new Covid-19 cases were still being reported.
The impact of financial stimulus packages introduced by the state and federal governments would also depend on how soon the pandemic would be contained in Malaysia and Sarawak, he added.