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Economy Finance

Volatile Economic Uncertainties

Let’s hope for a miracle happen, starting with the crude oil price going up fast and COVID-19 outbreak stop immediately in order to have slim chances to revert this current situation as soon as possible.

In recent weeks, I started to receive several unpleasant news from people within my network. Some of them lost their jobs. Some of them separated from their family. I believe this is an impact (direct and/or indirect) from the economic downturn due to low oil price and COVID-19 pandemic.

Crash of oil price in early March 2020 means the economy is going to slow down especially those highly dependent on the oil & gas industry like Malaysia. In fact business in general already slows down even before that. With the COVID-19 outbreak been declared as a pandemic by the World Health Organization about the same time as the oil price crash, things are going to be harder.

I am not a financial expert but I believe the whole world including Malaysia inevitably is going into economic recession very soon. Let’s hope for a miracle happen, starting with the crude oil price going up fast and COVID-19 outbreak stop immediately in order to have slim chances to revert this current situation as soon as possible. However, the current 3rd wave COVID-19 virus spreading in Malaysia is suggesting otherwise.

Those who still have their jobs, don’t leave! Continue to work hard as your life depends on it. My advice to those who already have a job, please hold to it tight despite maybe you don’t like it anymore. Do not resign before you have a new offer in hand. Even that is a risky move because the company may practise last-in-first-out policy if they decide to downsize due to business uncertainties. In summary, now is not a good time to move for a new job.

As for fresh graduates, the situation is even worse. To get the 1st job, they need to grab any opportunity that comes along without being too choosy as the competition is never been tougher. To those who lost their job, stay strong. With the right strategy, an opportunity will knock your door sooner than you think.

Those who struggle with family issues, depression, or life in general, please seek support from someone close whom you can trust or better ask for professional help. Don’t keep it to yourself. Talk to someone to ease the emotional burden.

As a Muslim, we do believe Allah’s promise as mentioned in Surah Al-Insyirah, chapter 94, verse no. 6.:

“Verily, with every difficulty there is relief”

During this period of volatile economic uncertainties, please appreciate and be grateful of what we have. Despite challenges, we do have enough to move forward.

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Ameirul Anwar Mustadza

Professional with more than 15 years' experience in managing multi-discipline oil & gas facilities improvement projects with a profound interest in corporate strategy & planning and stakeholder management. Ameirul is a winner of Carigali Hess Operation Excellence Suite Award 2018. An MBA holder and obtained Professional Certified International Project Manager, PCIPM from American Certification Institute. Follow him on LinkedIn.

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