KUALA LUMPUR — May 8, 2020: A survey by the Department of Statistics found that about two-thirds of Malaysian businesses reported having no income under the movement control order (MCO) due to Covid-19 and had to rely on reserves to survive.
In the online survey about 12.3% said they still earned some income through online sales and services while 9.8% had income from in-store sales.
Two-thirds of the respondents reported having to use their savings as the main source to pay overheads, 19.8% used mainly borrowings while 11.3% had to resort to capital injection.
About 52.1% found the government’s economic stimulus package, Prihatin Rakyat, helpful but 83.1% still needed financial aid and government subsidies.
The main issue faced by businesses was to pay wages.
About 42.5% of respondents said they would need more than six months to recover while 28.7% put the time frame at between four and six months.
Close to two per cent of the 4,094 respondents expect to close shop altogether.