Impact of COVID-19 Pandemic on Malaysian Socio-Economics: Statistical-Dynamical Approach
Keywords:
COVID-19; Gross Domestic Product; Unemployment Rate; Poverty Rate; Income Group; Mathematical ModelAbstract
COVID-19 is a pandemic affecting virtually every country in the world. The pandemic has affected almost all aspects of life, including the economy, society, environment, demographics, and health sector. The repercussions of this epidemic are frequently reported in newspapers and social media, but few technical analyses have been published. Hence, this study aims to analyse the impact of the pandemic on three income groups with several socio-economic factors in Malaysia namely, economic development (GDP), unemployment rates and poverty rates. Correlation and regression analyses were used to measure the existence of a relationship among the rate of COVID-19, economic development, unemployment rates and poverty rates. The findings revealed that the COVID-19 pandemic has had a significant impact on economic development, unemployment rates and poverty rates. The results of this study will give insight to the government on the distribution of appropriate aid and the development of a recovery plan to reduce the impact of COVID-19 on Malaysians.
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