Retabling of Malaysia Budget 2023
The retabled Budget 2023 was inspired by the Honourable Prime Minister Datuk Seri Anwar Ibrahim’s “Malaysia MADANI” vision and is framed around the core values of Sustainability, Compassion, Respect, Innovation, Prosperity and Trust.
The proposals comprise measures included in the previous tabling of Budget 2023 as well as new measures that reflect the Government’s ambitious and progressive approach to accelerating economic recovery, spearheading sustainable growth and fostering an inclusive society, to ensure no one is left behind. The Government has introduced rakyat-centric proposals aimed at protecting and addressing the short and long-term needs of the more vulnerable segments of society, covering targeted groups such as children, youth, women, gig workers and the unemployed.
Malaysia’s retabled Budget 2023 takes a responsible and balanced approach towards the well-being of Malaysians, supporting micro, small and medium enterprises (MSMEs), building the resilience of Malaysian businesses and attracting foreign investments.
Budget 2023 aims to strike a balance between responsible fiscal management and spurring growth. It was unveiled against the backdrop of projected economic growth of 4.5% in 2023 and with an expected fiscal deficit of 5% in 2023, down from 5.6% in 2022. Government spending for 2023 is expected to be 16.3% higher than Budget 2022’s allocation, increasing from RM332.1b (not taking into account the Covid-19 fund) to RM386.1b (excluding contingency reserves) and focused on:
- Encouraging digitalisation and connectivity;
- Sustainability and food security;
- Enhancing healthcare;
- Improving education; and
- Strengthening social safety nets
