Proposed economic recovery plan needs to aid micro, small businesses

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The proposed Short-Term Economic Recovery Plan needs to pay more attention to micro and small enterprises as they are the groups most affected by Covid-19 that is harming the national and global economies. The former executive director of the Malaysian Institute of Economic Research (MIER), Prof Emeritus Zakariah Abdul Rashid (above), said small and micro enterprises (SMEs) accounted for 70 percent of the country's 98.5 percent of small and medium enterprises, and they were mainly involved in the services sector. “They are entrepreneurs, who sell layered cakes, chips, banana fritters, who usually have less than five workers. Prior to the Covid-19 outbreak, this group had been affected by low household income problems and high-cost of living. “The pandemic put pressure on them, causing them to run into cash-flow problems, and were unable to pay the wages of their workers as th…