2023 Budget: Responsive, Responsibility, Reformist

7 October 2022

2023 Budget and Economic Prospects

  • The Budget 2023 set a course for sustaining economic recovery amid a small effort to resume the fiscal consolidation path for restoring the health of public finances.

  • Ministry of Finance (MOF) expects the economy to pace slower to 4.0%-5.0% in 2023 from estimated 6.5%-7.0% in 2022 due to:

    i. Slower domestic demand; and

    ii. Slower exports on weaker global demand and lower energy and commodity prices.


2023 Budget – Measures and Initiatives

  • The fiscal policy remains expansionary to support continued economic growth while undertaking economic reforms.

  • FOR KELUARGA MALAYSIA: Financial assistance and personal tax reduction to ease the financial burden of targeted households.

  • FOR BUSINESSES AND INVESTMENT: Incentives to attract investment; financing and loan facilities for SMEs; allocation for public infrastructure and utilities.

  • FOR SUSTAINABILITY: Green initiatives and Environmental, Social and Governance (ESG); financing for sustainable Development; and 5G infrastructure.

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