Malaysia continues its strong economic trajectory despite facing various obstacles, according to Finance Minister II Datuk Seri Amir Hamzah Azizan. The nation achieved 4.4 percent GDP growth over six months while maintaining inflation at 1.3 percent in August, down from 1.9 percent the previous year. Household income has risen, with upcoming survey results expected to reveal progress in poverty reduction by the end of October.
The government has demonstrated firm fiscal discipline through the Fiscal Responsibility Act 2023, targeting a deficit below three percent. Malaysia reduced its fiscal deficit from 6.1 percent four years ago to 4.1 percent last year, aiming for 3.8 percent this year. This improvement stems from eliminating wastage and ensuring subsidies reach intended recipients, allowing funds to be redirected toward public infrastructure and services.
The BUDI95 petrol subsidy program, launched on Saturday, has already registered 1.5 million beneficiaries receiving fuel at reduced rates.
The government has demonstrated firm fiscal discipline through the Fiscal Responsibility Act 2023, targeting a deficit below three percent. Malaysia reduced its fiscal deficit from 6.1 percent four years ago to 4.1 percent last year, aiming for 3.8 percent this year. This improvement stems from eliminating wastage and ensuring subsidies reach intended recipients, allowing funds to be redirected toward public infrastructure and services.
The BUDI95 petrol subsidy program, launched on Saturday, has already registered 1.5 million beneficiaries receiving fuel at reduced rates.
