Budget 2023 to focus on economic recovery, growth, says Tok Pa

 

Economic affairs minister Mustapa Mohamed said measures taken by the government had reduced the major impact of the Covid-19 crisis and also supported the economic recovery.

KUALA LUMPUR: Budget 2023, which will be presented in Parliament on Oct 7, will continue to focus on strengthening the momentum of the country’s economic recovery and generating sustainable growth in the long-term, says economic affairs minister Mustapa Mohamed.

He said the Malaysian economy is on solid ground supported by resilient economic foundations, pragmatic policies and diversified economic structures.

However, the management of the country’s economy in 2022 is expected to be more challenging, he said.

“The world economic growth forecast in 2022 and 2023 by international organisations such as the World Bank and the International Monetary Fund (IMF) has been revised and lowered.

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“The IMF has revised its global economic growth forecast to 3.2% for 2022 in July from 3.6% in April, and 4.4% in January 2022,” he said in a statement today.

Mustapa went on to say that for 2023, the world economic growth forecast had been lowered from 3.8% in January 2022 to 2.9% in July 2022.

Commenting on the growth of the national economy, he said the gross domestic product (GDP) growth projection of the national economy is expected to reach a target of between 5.3% and 6.3%.

“This takes into account the 6.9% achievement in the first half of 2022,” he said.

Meanwhile, Mustapa emphasised that the measures taken by the government in implementing stimulus packages and the gradual reopening of the economy had reduced the major impact of the Covid-19 crisis and also supported the economic recovery. - FMT