Budget 2023 will be formulated based on the following three priority areas; Reinforcing the momentum of economic recovery, strengthening economic resilience, and implementing comprehensive reforms.
In a pre-budget statement, the finance ministry said that the priority area is not just ensuring recovery in GDP terms but also job and income recovery for Malaysians and businesses.
On economic resilience, MOF said that it would be against future shocks by undertaking more targeted forms of subsidies and assistance and lastly Implementing comprehensive reforms in the economic and social aspects for businesses, priority sectors and the nation to emerge more competitive globally while advancing its sustainable development agenda.
On Malaysia’s aspiration to become a high-income nation, the ministry said that six main growth areas have been identified to accelerate Malaysia’s transformation into a high-income nation.
It said that these new growth areas, encapsulated in the Industry4WRD, Shared Prosperity Vision 2030, the 12MP and National Investment Aspiration (NIA) include advanced E&E, aerospace, the biomass industry, chemicals, and chemical products, pharmaceuticals as well as the digital economy.
On food security, MOF said that the challenge in assuring food affordability, availability, and accessibility has become prominent due to rising food prices following the current geopolitical tensions and global inflation.
Therefore, it said that it is critical to increasing domestic food production, especially paddy, fruits and vegetables, livestock, and fisheries to ensure self-sufficiency as well as safeguard the nation from external volatility.
In addressing this challenge, it said that the Government has established the National Agro-Food Policy 2021 – 2030 (NAP 2.0) and the National Food Security Policy Action Plan 2021 – 2025. These 29 policies aim to create a sustainable, resilient, and technology-driven agro-food industry that prioritises food security while promoting the nation’s economic growth and wellbeing.
