THE economy could lose RM2 billion a day if the movement control order (MCO) was imposed again, warned Prime Minister Muhyiddin Yassin today.

In light of the recent spike in cases, he said another lockdown could devastate the national economy.

“The closure of economic sectors will make the country lose at least RM2 billion a day and indirectly affect the rice bowl for millions of workers in Malaysia,” Muhyiddin said in a special announcement, adding it would effectively destroy the government’s RM295 billion economic stimulus packages.

“This will make nothing of the effort by government, private sector and civil society groups under the Prihatin and Penjana packages, which were meant to rehabilitate and regenerate the country’s economy,” Muhyiddin said.

The Pagoh MP said around 800,000 businesses and 2.75 million jobs were saved under various targeted government efforts.

Muhyiddin also said RM11.1 billion in cash handouts was given to the people and almost 1.4 million e-hailing drivers were paid RM500 each.

The government also gave a discount of 50% on electricity bills for 7.7 million users and another 15% for 1.4 million users which totalled RM186 million, he said.

Malaysia’s unemployment rate has worsened, from 5% in April to 5.3% in May according to the Statistics Department.

The department said industries that have been severely affected are services, tourism, event planning, entertainment and sports. – July 20, 2020.