Market analysts observe sharp decline in local manufacturing sector due to Covid-19 restrictions | Malay Mail

Monday, 04 May 2020 10:48 AM MYTIHS observed that around 95 per cent of companies managed to retain its staff and reported unchanged numbers in employees. — Picture by Sayuti Zainudin

The report cited local and global restrictions enforced to contain the pandemic as the main factors contributing to the industry’s latest performance, with restricted demand leading to producers operating below its full capacity. “Export demand meanwhile collapsed as governments around the world took drastic action to prevent healthcare systems from being overwhelmed,” he wrote in a statement released along with their findings.

“Stocks of inputs also fell markedly as firms tightened their inventories to contain costs,” read the IHS statement. “It was reassuring to see only a modest fall in employment, as the vast majority of firms held on to staff to safeguard longer-term production capacity. Business expectations for the year ahead also ticked higher, as more companies saw prospects improve.

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