Kita Prihatin prevents greater economic slowdown, say economists

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Abu Sofian Yaacob says Kita Prihatin provides helpful short-term relief for families in need while creating economic activities with the money spent going back to the economy.PETALING JAYA: Economists say the Perikatan Nasional (PN) government’s Kita Prihatin package has prevented a greater economic slowdown from taking place, particularly in terms of demand and spending.Universiti Malaya’s Mohd Nazari Ismail said the Bantuan Prihatin Nasional cash aid, coupled with the bank loan moratorium, has been crucial in alleviating the impact of the economic downturn, adding that these, however, were key short-term measures.He said the special RM3,000 grant for micro, small and medium-sized enterprises (SME) as well as the Wage Subsidy Programme prevented firms from going under due to a reduction in revenue.“Therefore, they can continue to operate even though the economy has slowed dow…