INTRODUCTION
The novel coronavirus, also known as COVID-19, which first emerged in the Chinese city of Wuhan in December 2019, has infected more than 7 million people with more than 400 thousand deaths as of June 8, 2020 worldwide according to the website of Worldometer. This latest corona virus pandemic has created a great catastrophic event seen only during the Great Depression started in 1929 in the U.S., not only to the wellbeing of people but also to the global economy and financial markets. In most countries, authorities have locked down cities, restricting movements of billions of people and suspending business operations, thus causing widespread panic and weakening the global economy. Fears of coronavirus' impact on the global economy have rocked markets worldwide, plunging stock prices and bond yields. According to the World Economic Forum (WEF), globally, the coronavirus pandemic was severe even compared to the Great Financial Crisis in 2007 due to the fact it hits households, businesses, financial institutions and markets concurrently all over the world. Among the main impacts of virus outbreak include downgrades in economic forecasts by major institutions and banks; slowdown in manufacturing activities; services contraction due to lesser number of spending in retailing, travelling and hospitality among others; declining oil prices following reduced global economic activity; and stock prices in major markets plunging. These economic damages caused by the COVID-19 pandemic are largely driven by a fall in demand, which means there are no consumers to purchase goods and services available in the market. For example, due to travel restrictions imposed by the governments, industries like travel, tourism and hospitality are heavily affected as consumer demand is declining which causes companies to lose planned revenue and workers are being laid off to cut costs. Eventually, this will create a downward economic spiral when unemployed workers can no longer afford to purchase unaffected goods and services. Contrary, there are still bright spots in the market amid of the coronavirus pandemic. According to Business Insider, E-commerce in particular is much in gain and has the potential
to remain so even after the crisis ends. As physical stores close, people shift to online shopping instead.
Furthermore, people are increasingly seeking for the best ways to work from home and to stay confined in their greatest comfort. Digital content and subscription-based services like Netflix, Spotify and Now TV are also gaining momentum. Being confined also means consumers can no longer dine in at fancy restaurants, and hence causing food delivery among the top sector witnessing a surge in sales. Despite all these challenges that the world is facing, there are many ways that emerging technologies can be exploited to tackle the virus outbreak. Technologies like artificial intelligence (AI), data science, drones, robotics and cloud computing are widely used in many Asian countries. In China, for instance, robots are used to disinfect hospitals and deliver medical supplies. In Singapore, government data has enabled detailed mapping of the outbreak while in South Korea, authorities are tracking potential carriers using cell phone satellite technology in which they are highly praised for. In Malaysia, the government utilises drones and UAVs to undertake the task of supervision.
While technology is becoming more widespread, there are concerns of how well personal data and privacy are protected.
The Future Technology Technology has the power to do many things, and changing the world is one of them. Howmany times have we heard about some exciting and downright scary visions for the future of machines and science that either enhance or replace activities and products near and dear to us? Being beamed from one location to another by teleportation was supposed to be right around the corner in our lifetime or merely decades away, but it hasn't become possible yet. Inventions like the videocassette recorder (VCR) that were once high tech; and now aren't; proved challenging for some.
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Malaysian Technology Strategic Outlook 2019/2020 Intergration of High Technology
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