Malaysia promotes cheap sales to spur economic growth
The Malaysian government has allowed traders to hold unlimited cheap sales in a bid to fuel consumer spending, thereby boosting the country's economy amid the COVID-19 pandemic.
A view of Kuala Lumpur capital city of Malaysia (Photo: New Straits Times)
Kuala Lumpur (VNA) – The Malaysian government hasallowed traders to hold unlimited cheap sales in a bid to fuel consumerspending, thereby boosting the country's economy amid the COVID-19 pandemic.
According to the New Straits Times, traders inMalaysia were previously allowed to organise cheap sales four times a year,thrice stipulated by the government and another period and date chosen bybusiness operators.
The government’s new initiative now enables themto hold unlimited cheap sales without quotas.
Professor Dr Yeah Kim Leng from the SunwayUniversity Business School of Economics said such a move could spur growth andimprove the country's economy, noting that the normalisation of consumerspending is crucial to the country's sustained economic recovery.
It is especially important during the currentCOVID-19-induced downturn in reviving the domestic economy, especially in theaffected industries such as hospitality, restaurant, food, retail and tourismthat sustain the livelihood of a large number of employees and smallbusinesses, according to him.
Echoing Yeah, Bank Islam chief economist Dr MohdAfzanizam Abdul Rashid said consumer spending had always been the major driverfor growth, which accounted for more than 50 percent of the Malaysian economy,and its boom could be seen from May when restrictions were relaxed and theeconomy was reopened.
The government's move to allow cheap salesshould help to steer consumer spending more steadily, he added.
Like many other countries, the Malaysian economyhas been hit hard by the COVID-19 pandemic. Over the past months, the country’sgovernment has issued several stimulus packages to help the domestic economyweather difficulties./.
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A view of Kuala Lumpur capital city of Malaysia (Photo: New Straits Times) 
