Tuesday, March 7, 2023



Malaysia's 2023 budget deficit prediction is now estimated at 4.9 percent by Fitch Solutions.

The 2023 budget deficit forecast for Malaysia as a percentage of GDP has been reduced by Fitch Solutions Group (FSG) from 5.3 to 4.9%, which the company stated is "slightly aligned" with the government's fiscal projections.

FSG predicted that the country's revenue in 2023 would be significantly larger than it was in 2022 in its Nation Risk & Industry Research study, which was released today. In 2022, revenue collection increased by 25.9%.

The RM386.1 billion national budget for 2023 was revealed by Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim on February 24. This budget proposal from the previous administration is more expansive than its RM372.3 billion budget proposal, which was never approved by Parliament since the lower house was dissolved to prepare for general elections.

The report stated that the Anwar administration "projects a budget deficit of 5.0 percent of GDP for 2023, representing a lower shortfall from a revised forecast of 5.6 percent in 2022."

According to FSG, the budget is generally expansionary, with the government outlining a number of initiatives to cut living expenses in the face of high inflation as well as more progressive taxes.

Malaysia's 2023 budget deficit prediction is now estimated at 4.9 percent by Fitch Solutions.

For the time being, it stated, "generally speaking, we have aligned our revenue and expenditure forecasts with the government's projections." The Bernama

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Malaysia's 2023 budget deficit prediction is now estimated at 4.9 percent by Fitch Solutions.