In dealing with the COVID-19 global pandemic, Malaysia has been relatively successful in flattening the curve of infection and spread of the virus, avoiding any unsustainable pressure to its healthcare system. Nonetheless, the policies taken have led to various economic and social impact on the society. Like other countries, the current economic outlook for Malaysia does not seem promising. But on the other side, it also provided an opportunity for Malaysia to relook the long-standing structural issues in its economy and society. The paper provided several suggestions of what more can be done in the short and long run; as well a situational analysis on what may happen if Malaysia fails to mitigate the spread of COVID-19.