PETALING JAYA: Malaysia has achieved the status of an upper middle-income nation based on its Purchasing Power Parity (PPP) per capita, according to Prime Minister Datuk Seri Najib Tun Razak.
PPP, determined by the World Bank in a report every three years, refers to the quantity of currency needed to buy a common basket of goods and services, taking into account the cost of living and inflation.
In presenting the RM260.8bil Budget 2017 in Parliament Friday, Najib said Malaysia’s PPP per capita increased from US$23,100 in 2012 to US$26,891 in 2015.
In his speech titled "Ensuring Unity and Economic Growth, Inclusive Prudent Spending, Wellbeing of the Rakyat", the Finance Minister proposed RM214.8bil be allocated as operating expenditure and RM46bil as development expenditure.
He said the total did not include contingency reserves of RM2bil.
This is the eighth budget presented by Najib since he became Prime Minister in 2009.
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