THE pandemic has brought about major economic changes throughout the world, and here in Malaysia the situation is especially stark.
Businesses labelled non-essential were forced to shut down, and even essential businesses were slapped with restrictions that saw a huge chunk of their profits and cash flow evaporate. This had a trickle down effect on employees, resulting in sweeping job losses and pay cuts.
With so many people losing their primary source of income, or seeing their personal wealth and savings depleted over the past year, it would not be an exaggeration to say that the pandemic may be the catalyst for some of the biggest social changes ever seen in Malaysian history.
One good indicator is by looking at the number of households within the different income brackets. You might have heard of them referred to as B40, M40 and T20.
These are categories as defined by the Department of Statistics Malaysia (DOSM) based on their Household Income and Basic Amenities survey of 2019.
