COVID-19 has disrupted the global economy, and people have also suffered incredible impacts on the social and economic sectors. At present, significant economic effects have been experienced in the short run.
Even policymakers across the world have confessed that the economic impact from this disease is highly uncertain and that they are in a difficult situation to formulate an appropriate macroeconomic policy response.
A severe blow of the impacts has hit the majority of ordinary people in Myanmar, too. From roadside vendors to company staff, their income has dropped significantly due to the decline in sale and reduction of salaries.
In some communities, their daily income is below half of their family expense of current situations, and very lower than that of ordinary situations in the past.
The impacts could become a big hit to the people with regular income and middle-class people if the transmission of the pandemic did not stop in some months.
In these situations, people should be steadily facing the disease without having too much fear by adhering to the guidelines, directives and policies of the government.
The present administration has to adopt an appropriate policy that meets the changing situations of the pandemic. It has to consider all strata of society from grassroots people to business firms.
The government has set up the COVID-19 fund and the Economic Relief Plan (CERP) that includes measures, with offering relief assistance for tax relief, loans for businesses, necessary food supplies and cash to households, as well as policies to provide assistance in trade and investment sectors.
Local markets are now slowing down with very low demand for luxury items, showing the decrease in expenditures of consumers.
In this situation, people need to restrict other household expenses, except for the primary and necessary items in preparing for uncertain economic hardships in the post-COVID-19 pandemic.