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COVID-19 pandemic catalyzed new challenges and amplified longstanding gaps for companies, from micro, small, medium enterprises (MSMEs) to large companies.
With Malaysia's anticipated transition of the COVID-19 pandemic to an endemic phase, EY rolled out a Business pulse survey to assess the preparedness of Malaysian businesses in adapting with the new normal of living with COVID-19. The EY Business Pulse Survey garnered over 500 respondents from large companies and MSMEs.
The report covers:
1) How has COVID-19 impacted Malaysian businesses?
2) How are Malaysian businesses coping with the pandemic?
3) What are the key business actions and priority plans in the short term?
4) Which improvement areas can better prepare businesses to live with COVID-19?
5) How can businesses manage disruptions in the new normal?
6) #ReopeningSafely: how to mitigate risks?
Despite two years of challenging conditions, businesses have remained focused on building their resilience, but they must continuously evolve to capture the opportunities ahead
Dato’ Abdul Rauf Rashid
EY Malaysia Managing Partner
Survey highlights: How Malaysian businesses are coping with COVID-19?
1. Business adaptability
Two out of five businesses (41%) have adapted positively to COVID-19 pandemic.
About one- third are adversely impacted.
2. Business preparedness
The majority (86%) of Malaysian businesses are prepared to live with COVID-19 pandemic.
3. Business recovery
Malaysian businesses are generally prepared to live with COVID-19 and have moderately adapted their operations to the new normal. Over half of the businesses were optimistic on business recovery from late 2022. In the short term, the majority of businesses will focus on people safety, reskilling employees and adopting digitalization.
At a time of unprecedented change, to survive and thrive, it is heartening to note that Malaysian businesses are generally prepared to re-chart their transformation actions as they navigate the challenging landscape.