WEF's immediate and long-term measures to reactivate the economy against the pandemic

KUALA LUMPUR, 4/6/2021- The Special Edition of Global Competitiveness Report (GCR) 2020 was released by the World Economic Forum (WEF) to highlight the priority areas for economic recovery, revival, and transformation towards new economic systems given the impact of COVID-19 pandemic.

Recommendations for countries’ recovery and revival are based on four key areas: Enabling Environment; Human Capital; Markets; and Innovation Ecosystem.

In strengthening the enabling environment for economic revival, GCR 2020 recommended the public sector to enhance public service delivery by leveraging digitalisation, instil long–term thinking capacity within the government, embed strong governance, and regain public trust. In tackling high level of debts and widening inequalities, the report suggested for countries to strategise plan for future debt leveraging while in the long run shifting to more progressive taxation. Recovery also requires upgrading of digital technology and ICT utilities and infrastructure.

SOURCE: Malaysia Productivity Corporation (MPC)