Forty percent of Malaysian SMEs face bankruptcy if full lockdown is applied
The SME Association of Malaysia (SME Malaysia) has urged the Government not to impose a full lockdown on the economy, warning that nearly 40 percent of small- and medium-sized enterprises (SMEs) will go bankrupt if that happens.
Up to 40 percent of small- and medium-sized enterprises in Malaysia will go bankrupt if full lockdown is applied (Photo: theedgemarkets)
Kuala Lumpur (VNA) - The SME Association of Malaysia (SME Malaysia) hasurged the Government not to impose a full lockdown on the economy, warning thatnearly 40 percent of small- and medium-sized enterprises (SMEs) will gobankrupt if that happens.
The association said it has conducted a web dialogue withits members and is currently conducting a nationwide survey on the impact ofthe third Movement Control Order (MCO), which lasts from May 12 to June 7.
The initial report indicates that 91 percent of SMEs expectbusiness revenue to be affected by this MCO, with 37.5 percent of thesecompanies expecting a decline of more than 50 percent in business performance,SME Malaysia President Michael Kang Hua Keong said in a statement.
If a full lockdown is implemented like the first MCO, 37.7percent of SMEs will close their operations and at least 2 million peoplewill be losing their jobs, he added.
The statement was made in the context of more and moreopinions in favor of a full lockdown to prevent the spread of the pandemic.
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Up to 40 percent of small- and medium-sized enterprises in Malaysia will go bankrupt if full lockdown is applied (Photo: theedgemarkets) 
