Budget 2023 To Address Job Creation, Income Levels, Social Protection And Economic Well Being

Finance Minister Tengku Zafrul

The Ministry of Finance’s Pre–Budget Statement in preparation for the 2023 Budget, will prioritise building on the current momentum of economic recovery and continuing reforms to enhance socio- economic resilience.

As part of the government’s inclusive budget approach, the Ministry will engage and organise consultative sessions with various stakeholders for a holistic Budget 2023.

This PBS is the second in MOF’s history and is in line with global best practices on encouraging public discourse on the national budget, as well as enhancing transparency and accountability in its formulation process. This year’s PBS highlights three key aspects surrounding the nation’s economic recovery and resilience. Including:

  1. The strong recovery momentum was seen in early 2022 and how best to prepare a 2023 Budget that reinforces Malaysia’s post-COVID recovery by leveraging on global growth and opportunities;
  2. The need to strengthen Malaysia’s economic and fiscal resilience in 2023 and beyond, while also managing downside risks including those arising from geopolitical tensions, as well as disrupted supply chains that have drastically increased global commodity and food prices; and
  3. The strategic transition from the current recovery phase towards longer–term reforms to facilitate better income opportunities, enhanced holistic wellbeing, as well as more inclusive and sustainable socio-economic development The PBS also highlights three specific areas that will be focused on in Budget 2023:
  4. Formulating people-centric initiatives, particularly those that generate job opportunities, raise incomes, strengthen social protection and enhance the rakyat’s socio-economic wellbeing.
  5. Creating a conducive business environment, especially in enhancing the competitiveness and productivity of small and medium enterprises (SMEs), boosting the recovery of tourism and other pandemic-impacted sectors, leveraging Malaysia’s leadership in Islamic finance, as well as catalysing new growth areas including moving industries up the value chain.
  6. Driving a more inclusive and sustainable development model to support economic growth, particularly in narrowing the disparities between regions and communities, as well as promoting sustainable development and strengthening food security.

As an important enabler in driving the nation’s development, Budget 2023 will also focus on improving the effectiveness of public service delivery and enhancing the ease of doing business. Based on the Keluarga Malaysia principle, the Government also aims to partner with the private sector, NGOs, and civil society on specific budget measures.

Guided by the PBS and through the official portal, MOF would like to invite the public and stakeholders to contribute their inputs and proposals for the 2023 Budget in line with the prospects, challenges, and priorities for the nation.

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