Tuesday, 14 Apr 2020 11:29 AM MYTA general view of the near-deserted Mid Valley shopping mall in Kuala Lumpur as the movement control order kicks in on March 18, 2020. — Picture by Choo Choy May
However, the group’s estimates, after factoring in the lifting of the movement control order followed by a potentially sluggish recovery rate, indicated possible positive growth rates in the second half of the year, with 2.5 per cent and 3.3 per cent growth in the third and fourth quarters respectively.
Other notable takeaways from the report were how grocery retailers enjoyed a spike of 20.9 per cent in sales during the first week of the MCO, mainly attributed to panic buying by most Malaysians looking to stock up. Collectively, the first four months of 2020 all showed a negative growth rate when compared to 2019 numbers, with the retail industry expected to retract by up to 60.7 per cent for the month of April following the implementation of the MCO throughout the month.
Additionally, when compared to 2019, January saw a growth rate of -13.8 per cent, -20.1 per cent in February, and March with -28.9 per cent growth.
Let's buy less online from overseas and support our own local businesses. Employment matters.