The Malaysian Dilemma: Constructing a Sustainable Economy in the Post-COVID-19 Era

COVID-19 outbreak has been articulated as a global public health emergency by the World Health Organization (WHO). The expeditiousness and the repercussion of COVID-19 to the worldwide economy is unprecedented. The crisis is totally unique and abysmal due to its reciprocal effect on the pandemic as it explicitly observes an inversion of capital inflows, creating competitive and comparative financial instability in the commercial and public sectors. The crisis can be evaded if local or international investors effectively evaluate Malaysian's primary macroeconomic and fundamental structural conditions. The essential drivers are innovation and capital, whereby the way to forestall future crisis is to democratize the economy. The authorities may have to accomplish more to secure economic activities recovery, as certain components of the economy, such as manufacturing will see a quicker turnaround in comparison to the tourism and travel industry. This may mean giving further financial assistance, particularly to the most unfortunate 40% of the populace. This pandemic has likewise underscored the requirement for Malaysia to set up a more grounded social security framework that is practical and less divided to improve the welfare system, both during the recuperation and beyond. Such a framework would ensure hedging towards evolving trends of employment and income derivation.