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Malaysia's PM Tables Budget 2024, Unveils Plan To Curb Fiscal Deficit

ASIA

Malaysian Prime Minister Anwar Ibrahim, who doubles as the country's Finance Minister, proposed a MYR393.8bn budget for the next fiscal year, down from the revised MYR397.1bn forecast for this year.

  • The government is trying to rationalise existing subsidy schemes and implement some new taxes to improve Malaysia's fiscal position and reduce fiscal deficit to 4.3% of GDP from the 5.0% of GDP expected this year.
  • The Prime Minsiter announced that "the government will undertake bold fiscal reform measures to further strengthen revenue management and mobilisation, along with efforts to reduce wastages and leakages, as well as optimise spending".
  • Anwar unveiled the government's updated macroeconomic projections for this year and next
    • GDP growth is expected to be around +4.0% Y/Y this year and within the +4.0%-5.0% Y/Y range in 2024
    • CPI inflation is expected to be between +2.5%-3.0% Y/Y this year and between +2.1%-3.6% Y/Y in 2024
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