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Budget 2024 expansionary yet responsible, say economists
Free Malaysia Today
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10/13/2023
Budget strikes a delicate balance of increasing revenue while reducing the fiscal deficit at the same time.
Read More: https://www.freemalaysiatoday.com/category/highlight/2023/10/13/budget-2024-expansionary-yet-responsible-say-economists/
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Transcript
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00:00
The federal government's 2024 budget has been hailed by economists as being expansionary
00:06
yet fiscally responsible at the same time.
00:09
Afzal Nizam Rashid, chief economist at Bank Mualat Malaysia Berhad, said the budget is
00:14
expansionary but cautious.
00:17
This he said, was indicated by the narrowing of the fiscal gap from 5% of the gross domestic
00:22
product in 2023 to 4.3% of the GDP in 2024.
00:27
The 2024 budget, tabled earlier today by Prime Minister Anwar Ibrahim, has a total allocation
00:32
of RM393.8 billion, a 1.5% increase from last year's RM388 billion.
00:40
Jeffrey Williams, an economist at the Malaysia University of Science and Technology, also
00:44
gave his stamp of approval on the 2024 budget.
00:48
He said the overall fiscal framework is what he had hoped for, with only a small increase
00:53
in spending to cover inflation, higher revenues from better management and thus a smaller
00:57
deficit.
00:59
Williams said this still provides room for Putrajaya to spend without excessive borrowing
01:03
and is more fiscally responsible than previous budgets.
01:08
Danish Rajareza, FMT News.
01:10
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