blogtunm.blogspot.com Tun M
1. We know that COVID-19 not only threatens life but also destroys our economy. By preventing us from working normally, it reduces our productivity, and therefore our wealth generation.
2. While we should try to reduce the threat to our health and life, we should also try to resuscitate our economy. We know that certain industries actually do better during the pandemic. Certainly, the gloves industry has prospered greatly. But the automotive industry has also done quite well. Proton and Perodua are good examples.
3. I think there are many other businesses and industries which may benefit from the constrains due to the pandemic.
4. If we examine the demands worldwide, we may be able to identify industries we can go into. Even the businesses which have suffered because of reduced demand may present opportunities if we study the causes of the reduction in demand.
5. The Oil and Gas industry has declined resulting in a decline in the parts and component industry. Some of the suppliers have closed shop. But Oil and Gas still needs the support of numerous suppliers. Better marketing systems may enable the surviving suppliers or new suppliers to meet the reduced demands.
6. The cost of doing business must be lower now. The reduced demand which causes the closure of industries, would also result in loss of jobs. Cost of labour at all level would diminish. Even raw material would cost less. In many countries wage-earners are willing to accept cuts in their salaries. And this include top executives.
7. If production cost is less then products too would cost less. Investments which need less capital should make some projects feasible.
8. Today all transactions, buying, selling and delivering are done online. This had made the market bigger. More business can be done with this bigger market. We know how Jack Ma of Ali Baba has achieved huge sales volume. We should go for the world market. We should not confine ourselves to local markets.
9. Modern agriculture can contribute much to meeting food needs, through increases in productivity. It can also create new sources of income for those who have lost jobs. Modern agriculture does not depend on the size of the land available.
10. It is time we go into mix farming instead of depending on just one crop. Malaysia is blessed with having just one season throughout the year. When others are unable to farm in the winter, we can continue without stoppage.
11. The Government has a role to play to revive the economy. During the pandemic revenue must decrease but Government will need to support the people with stimulus packages. For this the budget needs to be adjusted.
12. Bureaucratic processes should be minimised when new products or new systems are introduced.
13. We need to be serious about reviving the economy. This pandemic is not going to end soon.
14. The economy cannot depend on old normals. New normals must be established taking the restrictions due to the COVID-19 pandemic.
