PUTRAJAYA, Aug 23 — The upcoming Budget 2023 to be tabled in October will focus on ways to help Malaysians increase their revenue as well as safeguard their social-economic welfare so the nation can bounce back from the Covid-19 years, Datuk Mohd Shahar Abdullah said today.
The deputy finance minister also intimated that other Budget initiatives would focus on improving Malaysia’s business competitiveness and strengthening the country’s financial resilience.
He said the national economy has so far showed strong recovery momentum with 6.9 per cent growth in the first half of 2022, which is supported by an increase in domestic and foreign demand and the labour market revival.
He added that through the new initiatives in Budget 2023, the government will be ensuring that this momentum does not stop and Malaysia's economy continues to grow and improve.
“Our country has recorded economic growth of 3.1 percent in 2021 compared to a contraction of 5.5 percent in 2020.
“In fact, for 2022, the country's economy showed strong recovery momentum with 6.9 percent growth in the first half of 2022, supported by increased domestic and foreign demand and the recovery of the labour market,” he said in his opening speech at the Budget 2023 Consultation Event here.
Shahar said that the theme for Budget 2023 is “Strengthening Recovery and Facilitating Reforms towards Sustainability of Economic Resilience and Wellbeing of Keluarga Malaysia”.
He added that the Budget is based on five pillars.
The first, Shahar said, is to strengthen the momentum of economic recovery in terms of Gross Domestic Product (GDP) growth, employment, personal income, and business continuity.
“Second, to enhance the country's competitiveness in the new normal post Covid-19 by focusing on increasing productivity through the application of technology, automation and digitalisation, as well as encouraging new innovations for sustainable economic growth.
“Third, strengthening economic resilience, sustainable fiscal position and more targeted subsidies and assistance.
“Fourth, to protect the well-being of the people through social protection programs that focus continuously on healthcare services, quality education, public safety and a more comfortable living environment,” he said.
He added that the last is to promote inclusive and sustainable development in line with the targets outlined in the United Nations Sustainable Development Goals.
Budget 2023 is expected to be presented and debated at the next Parliamentary session in October.