CME: Economy can be reopened faster, but only if in safety
PETALING JAYA: The Center for Market Education (CME) welcomes the intention to speed up the reopening of the Malaysian economy to avoid the collapse of the country and heavy damage in particular to small and medium enterprises.
In this regard, CME said, the next economic indicators on gross domestic product (GDP), inflation and employment are particularly important. In fact, CME judges as too optimistic the growth estimations presented so far, while it expects near-flat GDP growth in 2021.
However, the think tank believes that a reopening strategy can even proceed faster than announced if properly accompanied by a comprehensive support plan. It also welcomes the change in benchmarks for the
National Recovery Plan (NRP).
CME CEO Dr Carmelo Ferlito said the new benchmarks based on the number of daily hospital admissions of Covid-19 patients set for states to progress from one phase to another under the NRP are a step in the right direction.
CME observes the following:
1. A reopening strategy cannot be based only on vaccination targets; such a strategy could backfire.
2. The main issue is not the speed of reopening (too early or too late, too slow or too fast), but the backup plan to allow even a wider reopening programme but in safety.
3. Weekly tests at workplaces and schools should be the gold standard for proper monitoring of the pandemic evolution with early detection aiming to minimise mortality (breath analysers should be considered too).
4. By avoiding lockdowns, resources can be saved for targeted investments in strengthening the healthcare system with temporary hospitals, ICU beds, oxygen machines and so on. This kind of investments has been the big missing point in the general anti-Covid strategy implemented so far.
5. Incentivise research on an adequate pharmacological protocol.
“In a nutshell, we want a rapid return to normalcy whereby vaccination is one of the factors kept into account,, together with a sound plan to avoid the programme backfiring,” said Ferlito.