The reforms we need in Budget 2024

Budget 2024 is an important one as it has to initiate some unpopular yet necessary reform measures to rebuild fiscal buffer for securing a sustainable economy._ —Bloomberg

RECENT data had pointed to moderating global economic growth in the second half-year of 2023 (2H23) and in early 2024. International institutions expect global real gross domestic product (GDP) to grow moderately between 2.4% and 3% in 2024 (estimated between 2.1% and 3% in 2023).

Three key risks stand out regarding the domestic economic outlook in 2H23 and 2024.