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The Covid Pandemic has given the world an economic shock akin to that of a world war. In 2020, the world experienced an economic contraction of 6.2%*, the deepest since World War II, and twice as deep as the contraction of 2008-2009. While there are “green shoots of spring” in the more advanced economies of the world in 2021, Malaysia has yet to experience a rebound in economic and business activities. What is the way forward and what does the new equilibrium look like for Malaysia?
This session will explore the macro view of the nation’s economy, the new paradigms of business, and the key strategies to pursue to ensure a sustainable rebound of the Malaysian economy.

*Global per capita GDP growth, World Bank

One of the worst hit sectors of the pandemic has been the travel and hospitality industry. Since March 2020, the tourism and hotel industry lost over 80% of its business, while the hotel industry alone recorded a loss of over RM6.53 billion in 2020*. While there is light at the end of the tunnel with the vaccination rollout and National Recovery Plan, the sector has a long journey ahead and many players may not survive the recovery period.
This session explores the issues and needs of the industry, as well as the path ahead, including innovations and concepts that can refresh the sector and offer new opportunities for growth.

*No Total Lockdown, What’s Next?”, Malaysian Association of Hotels, 22 May 2021

In Malaysia, 98.5% of business establishments are small and medium enterprises (SMEs) that contribute almost 40% to the country’s GDP and employ more than 7 million workers*. According to the World Bank, Malaysia’s SMEs have been underperforming in comparison to peer countries in terms of output and productivity, even before the pandemic. Most notably, digital adoption among SMEs lag far behind with only one in three businesses implementing digital transformation strategies. The pandemic not only adversely impacted SMEs, it also highlighted the lack of readiness of many SMEs, especially micro-businesses, to shift to an online environment.

How can SMEs scale up their digitisation efforts, and what role can ministries and agencies like MITI, MEDAC, MDeC, and SME Corp play to future-proof the backbone of our economy, the SMEs? This session will explore this and other issues affecting the digitalisation efforts of SMEs with a view towards ensuring higher resilience against future shocks.
*Department of Statistics Malaysia

The retail sector, including malls, is one of the worst-hit sectors during the pandemic. Due to lockdowns, the retail sector contracted 16% in 2020, its worst performance since the 1998 Asian financial crisis*, with double-digit contractions for apparel, footwear, and fashion accessories. Even hypermarkets, supermarkets, and convenience stores recorded a drop in total sales due to lower footfall. Online shopping, however, has seen a substantial increase in sales, with e-commerce revenues shooting up 30% in 1Q 2021 y-o-y, after registering steady growth in 2020**.

The statistics indicate the need to migrate to, or incorporate, e-commerce, even for traditional shopping malls that rely on footfall. What are the difficulties that lie ahead, and is there a sweet spot that combines the best of traditional retail and online shopping?

*Malaysia Retail Sales Report (March 2021)
**Department of Statistics Malaysia

The pandemic caused disruptions in the supply chain as well as halted production across many sectors worldwide. Lockdowns necessitated closures of production facilities, while reduced demand resulted in over-capacity. At the same time, the pandemic revealed the vulnerability of global supply chains, with China temporarily closing down its economy and the rest of the world restricting flows of goods.

Malaysia’s manufacturing sector was badly hit in 2020 and though it is recovering in 2021,are there practices that can be implemented to enable it to better cope with supply and demand shocks? This session explores the challenges of the manufacturing sector and its supply chains, and the need to build resilience.

The COVID-19 pandemic has triggered one of the worst jobs crisis the world over, estimated to be ten times more devastating than the global financial crisis. Malaysia is not spared from the hit to employment, with young job seekers, especially fresh graduates, most impacted. In January 2021, youth unemployment among 15 to 24-year-olds was estimated at over 13% in Malaysia, more than five times the rate for older adults*. A prolonged jobs crisis will further widen inequalities, with the impact felt for years to come.

This session addresses the trouble areas of employment in Malaysia, especially those that affect the nation’s youth. The discussion will also cover future jobs “hotspots” and what policies are needed to ensure long-term job creation in the country.

*Department of Statistics Malaysia, January 2021

With a median age of less than 30,Malaysia has a young population with around 40% aged 24 years old or younger*. This young segment of the country is exerting influence in business and politics. In business, the voice of the Millenials and Gen-Z have influenced the workplace, products and services. Youth place more importance on work-life balance and on ESG aspects of business, demanding more accountability from the companies they work for and buy from. In politics, they are becoming a force to reckon with, especially once Undi-18 is passed in Parliament.

This session discusses the various ways the youth in Malaysia are making their voices heard, whether in business or politics. Also, whether government and business are interacting effectively with young Malaysians, and where the youth can be more empowered to make a positive difference to the nation.

*Knoema.com & Department of Statistics Malaysia