KUALA LUMPUR (Oct 29): Industries are to shift towards high technologies and high-skilled labour to reduce dependency on foreign workers, the Ministry of Finance (MoF) said.

“As skills and expertise are needed for technology adoption and application, the affected sectors need to invest in upskilling and reskilling initiatives to increase their workers’ productivity and sectors’ performance,” the ministry said in its Economic Report 2021/2022

MOF: Industries to shift towards high tech, and high-skilled labour to reduce foreign labour dependency

KUALA LUMPUR (Oct 29): Malaysia’s capital markets remained vibrant, with gross funds raised increasing by 13.4% to RM163 billion as at the end of July 2021 from a year ago, according to the Economic Outlook 2022 Report published by the Ministry of Finance (MoF) on Friday.

Fundraising activities in the capital markets saw an improvement of 43.1% to RM65.6 billion by the private sector, while the public sector regressed marginally by 0.5% to RM97.4 billion according to MoF.

Malaysian capital markets remain vibrant, gross funds raised increased 16.3% to RM163b as at July 2021

Malaysia's current account balance is projected to record a surplus of RM55.6 billion or 3.5% of the gross national income (GNI) in 2022, according to the Ministry of Finance, down from the RM56.7 billion or 3.8% of the GNI recorded in 2021.

MoF: Robust trade to continue in 2022, current account balance to record RM55.6b surplus, gross exports to increase by 1.5%

Malaysia’s 2021 development expenditure (DE) has been revised lower to RM62 billion from the original budget of RM69 billion.

The 2021/22 Economic Report highlighted that the downward revision is also in line with the reassessment and deferment of several projects.

2021 development expenditure revised to RM62 bil from RM69 bil

A total of RM18.2 billion worth of assets linked to 1Malaysia Development Bhd (1MDB) have been seized or recovered, and placed in the Assets Recovery Trust Account under the custody of the Accountant-General’s Department, the government said.

RM18.2 billion of 1MDB-linked assets seized, recovered

The Ministry of Finance (MoF) said that while Malaysia’s employment structure had not changed significantly during the Covid-19 pandemic, substantial remote work including the "abrupt shift" to work-from-home practices and digitalisation advancement are expected to change the employment landscape and future of work.

MoF: 'Abrupt shift' to work-from-home, digitalisation to change future of work

The total outstanding government guarantees (GGs) increased 1.9% to RM300.4 billion as at end-June 2021, from RM294.7 billion as at end-2020, amid new issuances by the Public Sector Home Financing Board and DanaInfra Nasional Bhd.

Outstanding govt guarantees rise 1.9% to RM300 billion

Covid-19 has had a scarring impact on incomes, giving rise to the emergence of new vulnerable groups while compounding existing issues of under-underemployment and youth unemployment in the nation, the Ministry of Finance (MoF) said.

Pandemic cut per capita income by 6.5%, relegated households to lower-income brackets

The Medium-Term Fiscal Framework (MTFF) for 2022 to 2024 projects the overall fiscal deficit to average at 5% of gross domestic product (GDP), representing a more gradual than initially projected fiscal consolidation trajectory.

Medium-term fiscal framework projects overall fiscal deficit to average at 5% of GDP for 2022 to 2024

Federal government's revenue collection in 2022 is estimated to come in at RM234 billion, or 14.3% of gross domestic product, higher than the revised estimate of RM221 billion for 2021.

Federal govt's 2022 revenue collection estimated to be RM234 billion, 14.3% of GDP

The federal government's revenue for 2021 is estimated to be lower at RM221 billion or 14.6% of gross domestic product in 2021, a 6.7% shortfall from the budget estimates earlier.

6.7% shortfall in revenue to RM221 billion estimated for 2021 budget

The country's economic growth is expected to accelerate to 5.5%-6.5% in 2022 from 3%-4% in 2021, boosted by the continuation of the various stimulus and assistance packages to combat Covid-19.

Malaysian economy to grow faster at 5.5%-6.5% in 2022 vs 3%-4% in 2021

Budget 2022 will focus on driving economic recovery, rebuilding national resilience and catalysing reforms across the private and public sectors.

The Ministry of Finance (MoF) said in its 2022 Economic Outlook Report that the worst-hit sectors such as tourism and its related industries will be prioritised, while businesses will be encouraged to enhance their competitive edge and venture into new growth areas to build resilience and withstand future adversities.

Budget 2022 to focus on driving economic recovery, rebuilding resilience, catalysing reforms

A total of RM75.6 billion has been earmarked for development expenditure (DE) in 2022, higher than the RM62 billion revised allocation for 2021 as the country moves into the second year of the 12th Malaysia Plan.

Higher development expenditure of RM75.6b in 2022 vs RM62b in 2021

The Malaysian Communications and Multimedia Commission (MCMC) has assured that its directive to internet service providers (ISPs) to redirect domain name system (DNS) traffic using third-party DNS servers back to their servers will not affect, disrupt, or block users from accessing legitimate websites.

MCMC assures DNS redirection will safeguard access to legitimate websites

Kluang Umno Youth chief Syed Hussien Syed Abdullah has been picked as the Barisan Nasional (BN) candidate for the Mahkota state by-election on Sept 28.

Kluang Umno Youth chief Syed Hussien is BN candidate for Mahkota polls

Asia's most powerful storm this year made landfall in northern Vietnam on Saturday, the meteorological agency said, killing at least two people after tearing through China's island of Hainan, where it reportedly killed another two and injured dozens more.

Super Typhoon Yagi makes landfall in Vietnam after casualties in China

Communications Minister Fahmi Fadzil said the actions of social media providers in curbing criminal activities are still weak even though 21 discussions have been held between the ministry and all platforms so far.

Actions by social media providers to curb crime still weak, says Fahmi

Sultan of Perak Sultan Nazrin Shah has called for the restoration of humanity in finance, emphasising the importance of balancing economic growth with environmental stewardship and social inclusion.

Sultan Nazrin calls for restoration of humanity in finance

Indian education technology company Byju's auditor BDO Global has resigned after the startup did not provide documents requested following the start of insolvency proceedings, Byju's said on Saturday.

Byju's auditor BDO resigns after start of bankruptcy proceedings, company says

Thailand’s newly appointed Prime Minister Paetongtarn Shinawatra vowed to push ahead with a controversial US$14 billion (RM60.67 billion) cash stimulus plan as her cabinet finalised a blueprint to free Southeast Asia’s second-largest economy from a prolonged period of low growth and chronic household debt.

New Thai PM to push ahead with cash stimulus to revive economy

His Majesty Sultan Ibrahim, King of Malaysia, on Saturday expressed his joy over improvements in the country’s economic situation and trade performance.

His Majesty hoped that the government would continue to work to stimulate the country’s economy to create more job opportunities and increase the income and living standards of the people.

King happy with country's economic, trade performance

Seven people were injured, with one hospitalised after a plane operated by Singapore Airlines Ltd’s budget carrier Scoot encountered turbulence during a flight from the city state to Guangzhou in China on Friday, the Straits Times reported on Saturday.

Seven injured on Singapore Airlines’ Scoot flight to China, says Straits Times

Boeing's Starliner spacecraft landed uncrewed in a New Mexico desert late on Friday, capping a three-month test mission hobbled by technical issues that forced the astronauts it had flown to the International Space Station to remain there until next year.

Without astronauts, Boeing's Starliner returns to Earth

<p>The Malaysian Communications and Multimedia Commission (MCMC) has assured that its directive to internet service providers (ISPs) to redirect domain name system (DNS) traffic using third-party DNS servers back to their servers will not affect, disrupt, or block users from accessing legitimate websites.</p>


Economic Report 2021/2022

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