Prime Minister Datuk Seri Ismail Sabri Yaakob has provided reassurance that the upcoming Budget 2023 will continue to prioritise the welfare of Keluarga Malaysia. Additionally, it will also consider the country’s resilience and capability to persevere in the event of a more challenging global economic crisis.

Datuk Seri Ismail Sabri further said that he is glad that the nation’s economic performance now appears to be recovering well. “Last Friday, Bank Negara announced that the Malaysian economy grew 8.9% in the second quarter of this year aided by economic activities which are returning to normal,” he said.

The prime minister also highlighted several other statistics that also pointed to the revitalisation of Malaysia’s economy, including Malaysia’s trade volume. Specifically, he said that Malaysia’s trade volume surpassed RM2 trillion for the first time in 2021, which translated to an increase of 24.9% as compared to the previous year. This is the result of an encouraging performance of domestic exports and re-exports, he said.

Moreover, the total net foreign direct investment (FDI) inflow for Malaysia in 2021 also surpassed the figures in the years before the Covid-19 pandemic, hitting RM48.1 billion. This is further supported by an improvement in Malaysia’s unemployment rate since the country began transitioning to the endemic phase of Covid-19, which saw the rate returning to pre-pandemic levels at 3.8% (as of June 2022).

Meanwhile, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz also shared back in July that the upcoming national budget will focus on better sustainable subsidy management, as well as ways to strengthen the country’s resilience against future shocks. Budget 2023 is slated to be tabled on 28 October 2022.

(Source: The Star)

• TAGS:
• Budget 2023
• Datuk Seri Ismail Sabri Yaakob
• Datuk Seri Tengku Zafrul Abdul Aziz
• Foreign Direct Investments