IDEAS home Printed from https://ideas.repec.org/a/plo/pone00/0302979.html
   My bibliography  Save this article

Socioeconomic impact and sufficiency of government financial support during COVID-19 pandemic: A retrospective study

Author

Listed:
  • Wee Yeap Lau
  • Guek Nee Ke
  • Tien Ming Yip
  • Rachel Mei Ming Wong
  • Khalil Anwar Kamal
  • Shen Ching Lee
  • Stephen Carter
  • Rozainee Khairudin
  • Dasha Grajfoner

Abstract

This study examines the socioeconomic impact of the COVID-19 pandemic and the sufficiency of government support. Based on an online survey with 920 respondents, the cross-tabulation and binary logistic regression results show: firstly, in terms of loss of income, male respondents are more likely to have a loss of income as compared to female counterparts, and secondly, among different categories of employment status, the self-employed respondents are the most vulnerable group, given that more than 20 percent of them experienced loss of income due to the COVID-19 pandemic. Moreover, respondents working in small-and-medium enterprises (SMEs) and the informal sector are more likely to face loss of income as compared to respondents working in other sectors of employment. Likewise, respondents without tertiary education level are more likely to have a loss of income as compared to respondents with university certification. The baseline results highlight the insufficiency of government financial support programs based on the perspective of Malaysians from different demographic backgrounds. As a policy implication, the findings could guide the State in formulating the right policies for target groups who need more assistance than others in the community.

Suggested Citation

  • Wee Yeap Lau & Guek Nee Ke & Tien Ming Yip & Rachel Mei Ming Wong & Khalil Anwar Kamal & Shen Ching Lee & Stephen Carter & Rozainee Khairudin & Dasha Grajfoner, 2024. "Socioeconomic impact and sufficiency of government financial support during COVID-19 pandemic: A retrospective study," PLOS ONE, Public Library of Science, vol. 19(5), pages 1-18, May.
    • Handle: RePEc:plo:pone00:0302979
    DOI: 10.1371/journal.pone.0302979
    as

    Download full text from publisher

    File URL: https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0302979
    Download Restriction: no
    File URL: https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0302979&type=printable
    Download Restriction: no
    File URL: https://libkey.io/10.1371/journal.pone.0302979?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Ozili, Peterson K, 2020. "COVID-19 in Africa: socioeconomic impact, policy response and opportunities," MPRA Paper 99617, University Library of Munich, Germany.
    2. Smith, Richard D. & Keogh-Brown, Marcus R. & Barnett, Tony, 2011. "Estimating the economic impact of pandemic influenza: An application of the computable general equilibrium model to the UK," Social Science & Medicine, Elsevier, vol. 73(2), pages 235-244, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hafner, Marco & Yerushalmi, Erez & Andersson, Fredrik L. & Burtea, Teodor, 2020. "Quantifying the macroeconomic cost of night-time bathroom visits: an application to the UK," CAFE Working Papers 5, Centre for Accountancy, Finance and Economics (CAFE), Birmingham City Business School, Birmingham City University.
    2. Samba Diop & Simplice A. Asongu & Joseph Nnanna, 2020. "Covid-19 Economic Vulnerability and Resilience Indexes: Global Evidence," Working Papers 20/070, European Xtramile Centre of African Studies (EXCAS).
    3. Deriu, S. & Cassar, I.P. & Pretaroli, R. & Socci, C., 2022. "The economic impact of Covid-19 pandemic in Sardinia," Research in Transportation Economics, Elsevier, vol. 93(C).
    4. Coast, Joanna, 2018. "A history that goes hand in hand: Reflections on the development of health economics and the role played by Social Science & Medicine, 1967–2017," Social Science & Medicine, Elsevier, vol. 196(C), pages 227-232.
    5. Samba Diop & Simplice A. Asongu, 2022. "The impact of Covid-19 and Russia-Ukraine war on food prices in fragile countries: misfortunes never come singly," Working Papers 22/055, European Xtramile Centre of African Studies (EXCAS).
    6. Diop, Samba & Asongu, Simplice, 2020. "Global health care infrastructure and Africa in times of Covid-19: insights for sustainable development and future pandemics," MPRA Paper 107495, University Library of Munich, Germany.
    7. De Bruin, Kelly & Monaghan, Eoin & Yakut, Aykut Mert, 2020. "The environmental and economic impacts of the COVID-19 crisis on the Irish economy: An application of the I3E model," Research Series, Economic and Social Research Institute (ESRI), number RS106.
    8. Simplice A. Asongu & Samba Diop & Joseph Nnanna, 2020. "The Geography of the Effectiveness and Consequences of Covid-19 Measures: Global Evidence," Working Papers 20/054, European Xtramile Centre of African Studies (EXCAS).
    9. Emmanuel Maziti & Agnes Mujuru, 2020. "Levels Of Hopelessness During Covid19 Imposed Lockdown," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 10(5), pages 155-167, October.
    10. Ilan Noy & Tomáš Uher, 2022. "Economic consequences of pre-COVID-19 epidemics: a literature review," Chapters, in: Mark Skidmore (ed.), Handbook on the Economics of Disasters, chapter 7, pages 117-133, Edward Elgar Publishing.
    11. David E. Bloom & Michael Kuhn & Klaus Prettner, 2022. "Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses," Journal of Economic Literature, American Economic Association, vol. 60(1), pages 85-131, March.
    12. Kohnert, Dirk, 2021. "On the socio-economic impact of pandemics in Africa - Lessons learned from COVID-19, Trypanosomiasis, HIV, Yellow Fever and Cholera," AfricArxiv 58myz, Center for Open Science.
    13. Paul, Jomon A. & Wang, Xinfang & Bagchi, Aniruddha, 2024. "Lives or livelihoods: A configurational perspective of COVID-19 policies," Socio-Economic Planning Sciences, Elsevier, vol. 93(C).
    14. Karlsson Martin & Matvieiev Mykhailo & Obrizan Maksym, 2023. "The Macroeconomic Impact of the 1918–19 Influenza Pandemic in Sweden," The B.E. Journal of Macroeconomics, De Gruyter, vol. 23(2), pages 637-675, June.
    15. repec:osf:socarx:p63nw_v1 is not listed on IDEAS
    16. Mohammad Ali Alharbi & Mohd Saidin Misnan & Nur Izieadiana Abidin, 2024. "A Conceptual Model of Business Best Practices and Sustainability of MSMEs in Saudi Arabia," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(5), pages 812-823, May.
    17. B. Lahcen & J. Brusselaers & K. Vrancken & Y. Dams & C. Silva Paes & J. Eyckmans & S. Rousseau, 2020. "Green Recovery Policies for the COVID-19 Crisis: Modelling the Impact on the Economy and Greenhouse Gas Emissions," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(4), pages 731-750, August.
    18. Damilola Giwa-Daramola & Harvey S. James, 2023. "COVID-19 and Microeconomic Resilience in Sub-Saharan Africa: A Study on Ethiopian and Nigerian Households," Sustainability, MDPI, vol. 15(9), pages 1-25, May.
    19. Saadia Narjis & Muhammad Rizwan Yaseen & Sofia Anwar & Muhammad Sohail Amjad Makhdoom, 2022. "The Socio-Economic Impact of COVID-19 on Households in Punjab, Pakistan," Journal of Economic Impact, Science Impact Publishers, vol. 4(3), pages 218-232.
    20. Yevessé Dandonougbo & Yaovi Tossou & Esso‐Hanam Atake & Didier Koumavi Ekouevi, 2021. "Effets de la COVID‐19 sur la variation du revenu et la sécurité alimentaire des ménages au Togo," African Development Review, African Development Bank, vol. 33(S1), pages 194-206, April.
    21. Samba Diop & Simplice A. Asongu, 2023. "The Covid-19 Pandemic and the New Poor in Africa: The Straw That Broke the Camel’s Back," Forum for Social Economics, Taylor & Francis Journals, vol. 52(2), pages 143-154, April.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:plo:pone00:0302979. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: plosone (email available below). General contact details of provider: https://journals.plos.org/plosone/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.