ACCCIM poll: Firms see slow but gradual recovery by 2021

Tan Sri Ter Leong Yap, president of the Associated Chinese Chambers of Commerce and Industry of Malaysia addresses reporters during a press conference at the Wisma Chinese Chamber in Kuala Lumpur  August 6, 2020. ― Picture by Choo Choy May
Tan Sri Ter Leong Yap, president of the Associated Chinese Chambers of Commerce and Industry of Malaysia addresses reporters during a press conference at the Wisma Chinese Chamber in Kuala Lumpur August 6, 2020. ― Picture by Choo Choy May

KUALA LUMPUR, Aug 6 — Nearly half of firms polled in a recent survey over business and economic conditions expect a slow recovery by next year.

The survey by the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) which polled 828 respondents indicated 49 per cent of then are expecting a U-shaped recovery.

Its president Tan Sri Ter Leong Yap said this was on the basis that the Covid-19 pandemic was fully contained.

“Those who expect a U-shaped recovery general anticipate a slow recovery throughout next year,” he said during a press conference to announce the survey’s findings.

Of the remaining respondents, 39.4 per cent said they are expecting an L-shaped recovery.

“This means they anticipate the virus will be slowly contained, followed by a recession in 2020 but with weak or no growth in 2021.

“However 11.6 per cent are expecting a V-shaped recovery, in which the virus is contained and a recession in 2020, but a strong rebound in 2021,” Ter said.

Overall, 71.4 per cent of respondents said they expect to survive Covid-19’s impact, even if it means a tough road ahead of them.

“44.6 per cent say it is manageable despite being a tough journey, while 26.8 per cent say they have adopted cost-cutting measures and retooled their business strategy.  

“On the other hand, 24.1 per cent say it is difficult to hang in and will depend on how long Covid-19’s impact will last, while 4.5 per cent believe they will most likely cease operations altogether,” he said.

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