💢 Covid-19 pandemic has significant impact on household income💸
Updated: Nov 26, 2021
KUALA LUMPUR (Aug 6, 2021):
Number of poor households in Malaysia increased from 405,400 in 2019 to 639,800 in 2020.
Department of Statistics Malaysia (DOSM) says that the Covid-19 pandemic has made more Malaysians poorer. 💸
Poverty also increased, from 5.6% in 2019 to 8.4% in 2020
The percentage decrease in income for B40 and M40 households was larger than the T20 household group, the income distribution for B40 and M40 declined to 15.9% (2019: 16%) and 36.9% (2019: 37.2%) respectively.
This reduction in income was not only caused by job loss but also contributed by a reduction in working hours and increase in skill-related underemployment.
Kelantan remained to record the lowest mean and median income with RM4,411 and RM3,010 respectively.
The impact of the Covid-19 pandemic may be temporary as the economy is expected to improve and recover as the spread of the pandemic can be contained.
(Source: The Edge Markets)
On the contrary, some people are getting richer due to the pandemic as they can see & grab the best opportunities for them.
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