IN weathering the challenging global environment while the country is in the post-pandemic recovery phase, the government will continue to provide the relevant support for the rakyat and businesses.
In this regard, Budget 2023’s emphasis is on strengthening the momentum of recovery, building economic resilience and catalysing comprehensive reforms.
A holistic approach will be adopted to strengthen the momentum of recovery in improving the wellbeing of the rakyat after the Covid-19 pandemic.
In view of the rising cost of living and impact of crises, the government will continue to mitigate the risks faced by the lower income groups in the event of an economic crisis or natural calamity.
Hence, the social protection system will be strengthened to broaden coverage for the rakyat against various vulnerabilities.
Towards inclusive and sustainable growth, the government will undertake development and provide public services to reduce disparities between regions and communities.
Budget 2023 will present strategies and programmes that focus on creating a better, safer and more inclusive society.
In this respect, the government aspires to ensure that the rakyat have access to employment and business opportunities to raise their income.
Priority will continue to be given towards investments that generate quality employment and business opportunities, in addition to contributing towards a more resilient, competitive and future-proof industry in line with the Fourth Industrial Revolution and digitalisation agenda.
Measures will be introduced to encourage more people to join the labour market, especially women and the younger generation, through employment and entrepreneurship programmes.
Strategies to expedite automation and high value-added production activities in industries will also be enhanced to stimulate higher demand for skilled workers.
In addition, the government will promote the adoption of technology by farmers and entrepreneurs to increase agricultural productivity.
At the same time, the community, especially youth, will be encouraged to participate in urban farming and modern agriculture.
Given the importance of improving the quality of life, the government aspires to meet the housing needs of the rakyat by facilitating financing facilities, including for the informal sector.
Budget 2023 also aims to improve access to quality healthcare nationwide, including a focus on prevention and health screenings.
The government will also strengthen investments in security and education besides extending the access of basic infrastructure nationwide.
Towards achieving inclusivity across the country, focus will be given to measures to upgrade and expand education and healthcare facilities, as well as transportation and communication connectivity.
Malaysia’s economy expanded by 6.9% in the first half of 2022. With a favourable growth momentum in the domestic economy and steady expansion in the external sector as well as continued improvement of the labour market conditions, the economy is anticipated to expand between 6.5% to 7% in 2022.
In 2023, the economy is expected to grow moderately between 4% and 5%, backed by strong fundamentals and diversified economic structure, coupled with ongoing policy support to cushion the impact of rising cost of living and mitigate the downside risks stemming from prolonged geopolitical uncertainties and tightening global financial conditions.