BUDGET 2024:
Malaysia’s 10th Prime Minister Datuk Seri Anwar Ibrahim tabling the Budget 2024 in Parliament today. Earlier, he entered the Dewan Rakyat with his entourage, and posed with the supply bill with Deputy Finance Minister I Datuk Seri Ahmad Maslan and Deputy Finance Minister II Steven Sim at the Parliament lobby ahead of the tabling of Budget 2024. (Shahrill Basri and Zahid Izzani/The Edge)
BUDGET 2024: The biggest one to be tabled, with record OpEx
At RM393.8 billion, the Budget 2024 is the largest yet supply bill to be tabled. Of this amount, a record RM303.8 billion has been set aside as operating expenditure (OpEx) while RM90 billion has been allocated towards development expenditure (DevEx). The fiscal deficit is seen narrowing to 4.3% of GDP in 2024, in anticipation of economic growth of 4% in 2023, and 4%-5% in 2024 on the back of a soft landing for the global economy.
Budget 2024: Where it comes from and where it goes
Budget 2024 revenue vs expenditure
Budget 2024 will have three key thrusts, namely delivering reforms to enhance governance and public delivery system, transforming the economy and businesses, and elevating the wellbeing of the rakyat.
The Budget 2024 will also reinforce the government’s commitment towards fiscal reforms to address the twin challenges of a less robust global economic outlook and Malaysia’s financial constraints.
In addition, it will introduce measures to initiate the National Energy Transition Roadmap which identified energy as a key engine of growth, the New Industrial Master Plan 2030, which will build upon the strength of Malaysia’s manufacturing sector, as well as the realigned 12th Malaysia Plan which aspires to strengthen sustainability, develop a prosperous society, and put us on a path towards becoming a high-income nation.
By The Edge Malaysia. 13 Oct 2023.
Source: The Edge Malaysia. https://theedgemalaysia.com/budget/2024/. 15 October 2023.
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