The Ministry of Finance (MOF) has said that Budget 2023 will focus on accelerating Malaysia’s economic recovery, as well as strengthening its economic and fiscal resilience. This is on top of MOF’s aim to transition from the current recovery phase to longer-term reforms that will bring about socio-economic development. 

In a bid to improve the people’s wellbeing, MOF highlighted that Budget 2023 will prioritise income and social protection reforms through the implementation of various strategies. These include continuing upskilling and reskilling initiatives, increasing the digitalisation of economic activities, and ensuring a reasonable pay through minimum wage revision. 

“Budget 2023 will emphasise a more sustainable fiscal position by improving revenue and expenditure efficiency; improving the rakyat’s wellbeing through increasing the income of the rakyat, improving social protection and providing government assistance in a more targeted manner,” MOF added.

Additionally, the ministry said that the government will stimulate the creation of more high-paying jobs by expediting automation and enhancing high value-added production activities. It will also target high-quality investments in all economic corridors to ensure a more balanced development nationwide.

“Therefore, emphasis will be given on improving business ecosystems, creating more jobs, and improving infrastructure in less developed regions or states, namely Sabah, Sarawak, Kelantan, Terengganu, Kedah, and Perlis,” MOF remarked. 

The ministry further stated that the national budget will also strive to boost the business sector via several initiatives, including encouraging the competitiveness of small and medium enterprises (SMEs), increasing productivity, and exploring new growth areas. It added that given the increasing labour demand and improving consumer sentiments, economic activities are expected to resume fully going into 2023. This positive development will lead to greater job opportunities, higher income prospects, and a more manageable inflation rate.

The government is expected to table Budget 2023 in the Parliament on 28 October 2022. Ahead of the tabling, it is inviting the public and businesses to share their feedback on Budget 2022 measures to make improvements in the upcoming national budget. 

(Sources: The Edge Markets, Ministry of Finance)

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• Budget
• Budget 2023
• Ministry of Finance
• MOF