IDEAS home Printed from https://ideas.repec.org/a/plo/pone00/0302979.html

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. Topcu, Mert & Gulal, Omer Serkan, 2020. "The impact of COVID-19 on emerging stock markets," Finance Research Letters, Elsevier, vol. 36(C).
    2. Ozili, Peterson K, 2020. "COVID-19 in Africa: socioeconomic impact, policy response and opportunities," MPRA Paper 99617, University Library of Munich, Germany.
    3. Aucejo, Esteban M. & French, Jacob & Ugalde Araya, Maria Paola & Zafar, Basit, 2020. "The impact of COVID-19 on student experiences and expectations: Evidence from a survey," Journal of Public Economics, Elsevier, vol. 191(C).
    4. 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. Ozili, Peterson Kitakogelu, 2021. "Financial regulation and bank supervision during a pandemic," MPRA Paper 105887, University Library of Munich, Germany.
    2. Ayhan Kuloğlu, 2021. "Covıd-19 Krizinin Petrol Fiyatları Üzerine Etkisi," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 6(3), pages 710-727.
    3. Tihana Škrinjarić, 2021. "Profiting on the Stock Market in Pandemic Times: Study of COVID-19 Effects on CESEE Stock Markets," Mathematics, MDPI, vol. 9(17), pages 1-20, August.
    4. Seyed Alireza Athari & Dervis Kirikkaleli & Tomiwa Sunday Adebayo, 2023. "World pandemic uncertainty and German stock market: evidence from Markov regime-switching and Fourier based approaches," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(2), pages 1923-1936, April.
    5. ?ikolaos A. Kyriazis, 2021. "Impacts of Stock Indices, Oil, and Twitter Sentiment on Major Cryptocurrencies during the COVID-19 First Wave," Bulletin of Applied Economics, Risk Market Journals, vol. 8(2), pages 133-146.
    6. 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.
    7. Brada, Josef C. & Gajewski, Paweł & Kutan, Ali M., 2021. "Economic resiliency and recovery, lessons from the financial crisis for the COVID-19 pandemic: A regional perspective from Central and Eastern Europe," International Review of Financial Analysis, Elsevier, vol. 74(C).
    8. Mahata, Ajit & Rai, Anish & Nurujjaman, Md. & Prakash, Om, 2021. "Modeling and analysis of the effect of COVID-19 on the stock price: V and L-shape recovery," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 574(C).
    9. Prelorentzos, Arsenios-Georgios N. & Konstantakis, Konstantinos N. & Michaelides, Panayotis G. & Xidonas, Panos & Goutte, Stephane & Thomakos, Dimitrios D., 2024. "Introducing the GVAR-GARCH model: Evidence from financial markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    10. Ștefan Cristian Gherghina & Daniel Ștefan Armeanu & Camelia Cătălina Joldeș, 2020. "Stock Market Reactions to COVID-19 Pandemic Outbreak: Quantitative Evidence from ARDL Bounds Tests and Granger Causality Analysis," IJERPH, MDPI, vol. 17(18), pages 1-35, September.
    11. Xie, Yutang & Cao, Yujia & Li, Xiaotao, 2023. "The importance of trade policy uncertainty to energy consumption in a changing world," Finance Research Letters, Elsevier, vol. 52(C).
    12. Syed Moudud-Ul-Huq & Md. Shahriar Rahman, 2025. "Stock Market Efficiency of the BRICS Countries Pre-, During, and Post Covid-19 Pandemic: A Multifractal Detrended Fluctuation Analysis," Computational Economics, Springer;Society for Computational Economics, vol. 65(3), pages 1643-1705, March.
    13. Jialei Jiang & Eun-Mi Park & Seong-Taek Park, 2021. "The Impact of the COVID-19 on Economic Sustainability—A Case Study of Fluctuation in Stock Prices for China and South Korea," Sustainability, MDPI, vol. 13(12), pages 1-17, June.
    14. Ayllón, Sara, 2022. "Online teaching and gender bias," Economics of Education Review, Elsevier, vol. 89(C).
    15. Liu, Jing & Lee, Monica & Gershenson, Seth, 2021. "The short- and long-run impacts of secondary school absences," Journal of Public Economics, Elsevier, vol. 199(C).
    16. 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.
    17. Katarzyna Czech & Michał Wielechowski & Pavel Kotyza & Irena Benešová & Adriana Laputková, 2020. "Shaking Stability: COVID-19 Impact on the Visegrad Group Countries’ Financial Markets," Sustainability, MDPI, vol. 12(15), pages 1-19, August.
    18. 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).
    19. David R. Agrawal & Aline Bütikofer, 2022. "Public finance in the era of the COVID-19 crisis," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 29(6), pages 1349-1372, December.
    20. Rai, Varun Kumar & Bruna, Maria Giuseppina & Hunjra, Ahmed Imran & Pandey, Dharen Kumar & Lal, Madan, 2024. "COVID-19 literature in Elsevier finance journal ecosystem," Economics Letters, Elsevier, vol. 243(C).

    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.