Budget 2023 which will be tabled in Parliament on February 24 will prioritise economic growth based on careful spending and equitable development centred on social justice for Malaysians. The Prime Minister’s Office (PMO) said this will be implemented although the government has to bear a high level of debt amid uncertainty in the global economy.
Including liabilities, the Prime Minister had said the debt level had approached RM1.5 trillion, or more than 80 percent of gross domestic product, and with the global economy expected to moderate this year, the approach has to be cautious.
“Hence, Budget 2023 will reflect the Unity Government’s responsibility which prioritises growth, equitable distribution, and social justice. “This is in line with the Malaysia Madani concept of development so that economic progress will benefit all levels of society,” said PMO.
The government will maintain an expansionary fiscal policy to support economic growth and is also committed to reducing the deficit gradually to ensure that the debt and liability ratio to GDP is manageable.
The statement added the Budget 2023 will also encompass measures to attract private investment and reform of the public sector aimed at reducing bureaucracy, enhancing the ease of doing business, and improving governance.
“This budget will also expand development expenditure to encourage inclusive development through strengthening government services and rural infrastructure,” it added.