THE coronavirus pandemic is expected to shave off 0.8% to 1.2% in economic output, or gross domestic product (GDP) this year, said Prime Minister Muhyiddin Yassin.

This is the equivalent to losing RM10.8 to RM17.3 billion across all sectors, with the hardest hit being tourism, small and medium enterprises (SMEs) and transport.

The tourism sector lost about RM3.37 billion between January and February this year, Muhyiddin said in a special televised address on Covid-19 tonight.

“Tourism packages have been cancelled and this has led to a loss of jobs for those involved in airline companies and the hotel industry,” he said.

“I am aware that immediate steps must be taken by the government to reduce the impact of this disease on the country’s economy, especially on the people.

“Because of that, the government will ensure the implementation of the stimulus package that was announced last month will be monitored so that its impact can be truly felt as soon as possible by the public.”

Last month, the government had announced a RM20 billion stimulus package to help businesses hard hit by the outbreak and to boost consumption ahead of an anticipated slowdown in spending. – March 13, 2020.