Govt working to reduce fiscal deficit to 4.3% this year, says Fahmi

KUALA LUMPUR: The unity government will make efforts to reduce the country's fiscal deficit rate to 4.3% this year, says Communications Minister Fahmi Fadzil (pic).

Fahmi, who is the government’s spokesperson, said Malaysia recorded a three per cent gross domestic product (GDP) growth in the fourth quarter of 2023, despite facing a challenging external environment during that year.

He said to ensure the country is on the right economic track, three economic fundamentals, namely investment, a focus on new job opportunities, and controlled goods prices need to be prioritised.

"By focusing on these three fundamentals, we are on the right economic track; the unemployment rate is decreasing, inflation is decreasing and foreign direct investment (FDI) is increasing.

"Fiscal deficit has also decreased. In 2022, the fiscal deficit was as high as 5.6 per cent, now reduced to 5.0 per cent. InsyaAllah, this year we aim to reduce it to 4.3%," he said in a Facebook post on Sunday (Feb 18).

In the same post, Fahmi shared an infographic highlighting the achievements in the country's economic development for the fourth quarter of 2023, including RM17.1bil in foreign direct investment. - Bernama