The flow of labor movements to find more greener areas will occur if more lucrative salary offers are offered in neighbouring countries.
The announcement of some giant companies will leave Malaysia to neighbouring countries is sending a serious signal.
That means the domestic job market will shrink and job seekers, including domestic manpower, will try their luck abroad.
In addition to important agencies such as MITI, Bank Negara, economic planners need to immediately provide views so that the government can take the right steps for the country to avoid experiencing more severe conditions.
When investors are not confident in the economic management and policies of the country, a shift in investment will be imminent.
Policy factors, governance, cost, stability and growth projections will determine whether Malaysia remains an option. A wrong response when dealing with the symptoms of economic contraction will affect foreign investment.
Serious signs have already alerted the economic planners throughout 2020 namely layoffs, pay cuts, suspensions and business closures.
These signals should be enough for the government to review and re-evaluate the country's economic policy, including planning on managing the human resources.
With rising unemployment rates, the government cannot just provide short-term packages without considering a macro long term plan.
In the absence of a long-term plan, it reflects the country's inability to plan a convincing recovery for both domestic and foreign investment.
We urge the government to immediately present a long-term plan in a Parliament session so that a consensus to revive the economy can be drawn up.
All members of parliament should be given the opportunity to make recommendations and review the government's plans.
We urge Parliament to convene an immediate sitting and a review of the financial economic and social scenarios. Between external debt that will surge and accompanied with slower growth, the country's economy will face a severe recession if not properly handled.
If the situation requires a re-budget presentation, we opined it should be tabled.
The government should avoid indulging in spending that does not focus on the health crisis of the COVID-19 pandemic but also should move away from unproductive expenditures.
The declared emergency needs to be withdrawn to enable the full functioning of the Parliament to discuss a comprehensive solution to overcome COVID-19 as well as draw up a national economic plan to bounce back. Economic rebound measures and economic restructuring are essential.
We urge that spontaneous short-term measures need to be in parallel with a long-term plan. Otherwise the country will not be ready for an unexpected future crisis that will be more challenging.
The government needs to strengthen the country's capabilities in its resilience in various aspects: economic, financial, health, social, political and good governance.
The first consideration is to ensure that the welfare of the people is dealt with through inclusive cross-party consensus.
In other words, the crisis management needs to be addressed by a government with integrity and trusted by the people through the most important democratic institution, the Parliament.
We are of the view that if ad hoc measures are implemented without the scrutiny of various parties, the effects will not be long lasting. A more inclusive approach is needed.
The question is, every time a new package is announced without a thorough scrutiny by MPs, the national debt will definitely increase and more worrying is, it will be borne by the future generations.
This should be avoided. But unfortunately as a result of the suspension of the Parliament, decisions have been announced with no consideration of other proposals.
We express concern that if Malaysia fails to ensure its long-term plans, the investment from domestic private sector and abroad will lose confidence in the Malaysian management of the crisis .
We recommend that in this uncertain situation, the economic and political instability must be addressed.
The world is watching the development of Malaysia. The legislative institution of the country is now suspended and this does not augur well for a recovery.
Therefore, we call for the country's situation to be restored immediately in order to rally the confidence of the people and the world towards Malaysia.
* Mohd Azmi Abdul Hamid is the President of the Malaysian Islamic Organisation of Consultative Council (MAPIM).
** The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the position of Astro AWANI.
