1. Warnings of an imminent global recession have been ringing louder than before. With key economic data worldwide continuing to disappoint amid the novel coronavirus (Covid-19) outbreak, experts say the worst is yet to come.
Many expect the global economy to enter into a recession in 2020, and says a recession across Asia-Pacific is “now guaranteed.” As a newly appointed economist, you are required to formulate a plan to advise the government on how to minimise the impact of the recession in Malaysia.
Using the four-sector economy, Y = C + I + G + (X-M), provide your advice. (Note: Y is Gross Domestic Product, C is Private consumption, I is investment, G is Government's expenditure on final goods, X is exports and M is imports)