Malaysia Budget 2024
Prime Minister Dato’ Seri Anwar Ibrahim’s second Madani Budget is a continuation of the "Madani Economy: Empowering the People" initiative released in July 2023.
With the theme of “Economic Reforms, Empowering the Rakyat”, Budget 2024 is focused on:
- Good governance and commitment to fiscal responsibility
- Spurring economic growth and investments in high growth and high value activities
- Elevating the standard of living for Malaysians, particularly the underprivileged
The Budget is Malaysia’s largest ever budget at RM393.8 billion, made up of operating expenditure of RM303.8 billion and development expenditure of RM90 billion. Despite this increase in expenditure, the Government’s fiscal consolidation path continues.
Budget 2024 continues to build on the Ekonomi Madani framework, with holistic measures that complement other recently announced policies such as the National Energy Transition Roadmap, the New Industrial Master Plan 2030 and the Mid-Term Review of the 12th Malaysia Plan. In concert, these measures lay the foundation for Malaysia to become one of Asia’s most dynamic economies
Dato’ Abdul Rauf Rashid
EY Malaysia Managing Partner
Overall, the second Madani Budget introduces tough and bold fiscal reform measures while enhancing Malaysia’s appeal to investors.
