Supporting the Budget 2023, Export-Import Bank of Malaysia Berhad CEO Arshad Ismail said the bank is committed to playing its developmental role and delivering on its mandate in supporting more Malaysian exporters to thrive beyond Malaysian borders”,
Themed Responsive, Responsible, Reformist (3R) towards the betterment of the country in facing global challenges, Budget 2023 was presented by the Finance Minister in what is regarded as the largest ever after 2021.
The 2023 Malaysia National Budget of RM372.3bil consists of management spending in the amount of RM272.3bil, development expenditure of RM95bil, and RM5bil under Covid-19 Fund to further support and expand the economic recovery post covid. The budget will change the development landscape to be more inclusive and sustainable. The reform is expected to strengthen the country’s resilience towards challenges in driving growth despite the headwinds.
The budget will also help the nation navigate issues in the economy like rising inflation that has crimped disposable income while increases in interest rates have magnified challenges in managing financial obligations. The incentives announced are likely to mobilize the domestic front providing much-needed support to local businesses including micro-enterprises. Improvement in commercial activities will contribute to job creation on the back of a growing number of youth joining the workforce whilst the current unemployment rate stood at 3.7%. This bodes well for the government’s aspiration to enhance ‘rakyat’ socio-economic well-being.
Malaysia’s economy is projected to record a moderate growth of 4% to 5% in 2023.
