The government has pledged to continue its financial commitment to national strategic projects in transport such as the light rail transit and the mass rapid transit, according to the revised 2023 Economic and Fiscal Outlook report.

Putrajaya pledges continued financial support in strategic transport projects in 2023

The Malaysian economy is expected to grow by 4.5% to RM1.57 trillion this year, supported by stable domestic demand, mainly from household spending, in line with the recovery in the labour market, according to the government’s revised 2023 Economic and Fiscal Outlook report.

Malaysia’s 2023 GDP growth seen moderating to 4.5% amid softening global economy

The government said it is exploring options to efficiently manage future pension obligations, including introducing defined contribution schemes.

Given that Malaysia is now an ageing nation by the United Nations definition, pension obligations are expected to continue to increase, according to the Finance Ministry's revised 2023 Economic and Fiscal Outlook report.

Govt exploring defined contribution scheme to manage future pension obligations

The government has estimated that operating expenditure (OE) in 2023 will decline by 1.2% to RM289.1 billion from RM292.7 billion in 2022, primarily due to lower subsidy allocations as commodity prices are expected to moderate while the targeted subsidy mechanism is gradually implemented.

The RM289.1 billion estimated OE is 15.3% of the gross domestic product, according to the Finance Ministry’s revised 2023 Economic & Fiscal Outlook report.

Govt operating expenditure falls 1.2% to RM289 bil in 2023 on lower subsidy allocations

Petroliam Nasional Bhd (Petronas) is expected to pay about RM40 billion in dividends to the government in 2023, slightly higher than the previous Budget 2023's headline RM35 billion.

Petronas to contribute RM40b dividend payout to govt in 2023

KUALA LUMPUR (Feb 24): Malaysia’s inflation rate is expected to rise to between 2.8% and 3.8% in 2023 amid slower economic prospects and stable commodity prices, according to the Ministry of Finance (MOF)’s revised Economic and Fiscal Outlook 2023 report.

Malaysia’s 2023 inflation seen at 2.8%-3.8%

KUALA LUMPUR (Feb 24): The Federal Government’s debt is estimated to reach around 62% of gross domestic products (GDP) by end-2023, up from 60.4% or RM1.08 trillion last year, as Putrajaya continues to borrow for the financing of development programmes and projects under the 12th Malaysia Plan, and also as the redemption of 1Malaysia Development Bhd (1MDB) bonds mature in March.

Fed govt debt likely to rise to 62% of GDP by end-2023 on higher borrowings to fund 12MP, 1MDB bond redemption

The government expects to be able to generate higher revenue of RM291.5 billion this year, mainly supported by a further growth of 6.9% in direct tax collection, thanks to improved corporate earnings prospects and “continuous efforts in enhancing auditing and tax compliance”.

With a budgeted expenditure of RM386.14 billion, the government is expecting a fiscal deficit of RM93.94 billion, equivalent to 5% of gross domestic product (GDP) in 2023, down from RM99.48 billion (5.6%) in 2022 and RM98.74 billion (6.4%) in 2021, according to the revised 2023 Economic and Fiscal Outlook report.

Govt sees higher direct tax collection supporting 2023 revenue, expects 5% fiscal deficit

The government has budgeted a slightly smaller amount for operating expenditure (OE) in 2023 due mainly to the expectation of less money required for subsidies.

Some RM272.34 billion has been allocated for 2023, which is 4.3% lower compared with RM285.7 billion in 2022 while it was RM231.5 billion in 2021. The 2023 OE is 15% of GDP.

Govt operating expenditure falls 4.3% despite 'subsidies & social aid' allocation shrinking by 28.7%

The labour market is anticipated to improve in 2023, with the unemployment rate forecasted to reduce to 3.5%-3.7%, according to the Economic Report released by the Ministry of Finance.

Unemployment in 2023 seen lower at 3.5%-3.7%

KUALA LUMPUR (Oct 7): The Malaysian government will still spend more than it earns in 2023 due partly to higher emolument for civil servants and debt service charges, expecting a budget deficit of RM99.07 billion, or 5.5% to gross development product (GDP).

Budget deficit in 2023 only about RM400 mil less than record high in 2022

KUALA LUMPUR (Oct 7): The government has reduced the allocation of subsidy and social assistance to RM42 billion in Budget 2023 compared with RM58.9 billion in 2022.

However, the Ministry of Finance has revealed over the months that the country’s susbidy bill has ballooned to RM77 billion in 2022.

Lower subsidy and social aids at RM42 bil in 2023 amid expectation of lower oil prices

Malaysia’s economic growth in 2022 could land higher than initial estimates at 6.5%-7%, before slowing to 4%-5% in 2023, said the Ministry of Finance in its 2023 Economic Outlook report.

Malaysia’s economic growth expected to ease to 4%-5% in 2023

Malaysia’s inflation rate is forecast to range between 2.8% and 3.3% in 2023, compared with 3.3% estimated for 2022 and 2.5% in 2021, according to the Ministry of Finance in its 2023 Economic Outlook report.

Inflation seen at 3.3% in 2022, 2.8%-3.3% in 2023

KUALA LUMPUR (Sept 15): Global funds are snapping up Southeast Asian assets, as the prospect of interest-rate cuts and attractive valuations holds out the promise of supersized returns.

Funds pour into Southeast Asia as rate-cut cycle gets underway

AMMAN (Sept 15): Jordan's King Abdullah has designated key palace aide Jafar Hassan as prime minister after the government resigned on Sunday, the royal court said, days after a parliamentary election in which the Islamist opposition made some gains in the US-allied kingdom.

Jordan's King Abdullah appoints US-educated technocrat as PM, royal court says

The 2024 chapter of The Edge Billion Ringgit Club (BRC) Awards is especially memorable, not only because it is the 15th year for the awards — that started in 2010 as an initiative by The Edge Malaysia to recognise, honour and celebrate the biggest and best of Corporate Malaysia — but also the year in which The Edge Malaysia celebrates its 30th anniversary of reporting news that matters.

Making excellence a habit

Winners of The Edge Billion Ringgit Club (The Edge BRC) Awards 2024 gathered at Corporate Malaysia’s biggest and most anticipated awards night on Friday, Aug 23.

Corporate Malaysia’s crème de la crème fêted

Assalamualaikum warahmatullahi wabarakatuh. Salam Sejahtera. Salam Malaysia Madani. And a very good evening to Yang Berbahagia Tan Sri Tong Kooi Ong, chairman of The Edge Media Group; Yang Berbahagia Datuk Ho Kay Tat, publisher and group CEO of The Edge Media Group; distinguished guests; members of The Edge Billion Ringgit Club; and ladies and gentlemen.

Prioritise nation building, think of the rakyat

Yang Amat Berhormat Datuk Seri Anwar Ibrahim, Prime Minister of Malaysia; Yang Berhormat Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry; members of The Edge Billion Ringgit Club; our partners, friends and colleagues; ladies and gentlemen.

Bringing out the best in every Malaysian company

Winning The Edge Billion Ringgit Club (BRC) Company of the Year award is no easy feat.

Celebrating enduring excellence for the 15th year

There aren’t many bankers today quite like Tan Sri Tay Ah Lek, the managing director and CEO of Public Bank Bhd (KL:PBBANK).

A rare breed of banker

Gamuda Bhd (KL:GAMUDA) is no stranger to The Edge Billion Ringgit Club (BRC) Awards, having taken home eight awards in the construction sector and best corporate responsibility (CR) initiatives category over the years since its first win in 2013.

Expanding its presence at home and abroad

Companies that communicate well on how their business model is evolving to create and deliver lasting value to multiple stakeholders continue to thrive this year, says The Edge Billion Ringgit Club (BRC)’s panel of corporate responsibility (CR) judges.

Delivering sustainable value beyond compliance pressure

KUALA LUMPUR (Sept 15): The Malaysian Palm Oil Board (MPOB) is intensifying its research and development (R&amp;D) efforts to produce superior oil palm variants which could boost the nation’s palm oil productivity and output without expanding the plantation area.

MPOB ramps up R&D on oil palm seedlings to boost palm oil production

(Sept 15):&nbsp;An Islamic party said it was prepared to shut down Malaysia’s only casino if it wins control of the state where it is located, as the group looks to build its influence in the Southeast Asian nation.&nbsp;

PAS vows to shut casino if party wins Pahang — Bloomberg

JERUSALEM (Sept 15): Prime Minister Benjamin Netanyahu said Israel would inflict a "heavy price" on the Iran-aligned Houthis who control northern Yemen, after they reached central Israel with a missile on Sunday for the first time.

Houthi missile reaches central Israel for first time, no injuries reported

(Sept 15):&nbsp;The world economy’s tectonic plates will shift this week when a US easing cycle begins, just as officials from Europe to Asia set policy against a backdrop of brittle markets.

World braces for Fed easing amid 36-hour rate rollercoaster

KUALA LUMPUR (Sept 15): India is confident that the newly elevated Comprehensive Strategic Partnership (CSP) with Malaysia will drive bilateral trade to greater heights, targeting US$25 billion (RM107.53 billion) by 2026, said India’s Minister of State for External Affairs&nbsp;Kirti Vardhan Singh.

Indian minister: Trade with Malaysia set to soar under comprehensive strategic partnership

KUALA LUMPUR (Sept 15): Police will investigate a statement made by Global Ikhwan Service and Business Holdings (GISBH) executive chairman and chief executive officer Datuk Nasiruddin Mohd Ali in a recent viral video.

Police to investigate GISBH CEO’s statement on child exploitation — IGP

(Sept 15):&nbsp;A slew of poor economic data from China is deepening pessimism among equities traders wondering what it would take for authorities to initiate forceful stimulus.

Chinese stock traders ponder just how bad the economy can get

SHAH ALAM (Sept 15): The government has never made a decision to require all restaurants nationwide or any food and beverage (F&amp;B) industry to apply for halal certification, said&nbsp;Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

Ahmad Zahid: Govt has never made decision to mandate halal certification for restaurants, industries

BENGALURU (Sept 15): Private equity firm Insight Partners is on the brink of closing a new US$10 billion (RM43 billion)-plus fund, roughly half the amount originally targeted, the Financial Times&nbsp;(FT) reported on Sunday, citing five people with knowledge of its plans.

Insight Partners closes in on new US$10b fund, FT reports

(Sept 15):&nbsp;Temasek Holdings Pte Ltd is nearing a deal to buy a significant minority stake in VFS Global, according to people familiar with the matter, a transaction that could value the visa outsourcing and technology services firm at about US$7 billion (RM30.11 billion) including debt.

Temasek said to near stake purchase in Blackstone-owned VFS Global

PUSA, Sarawak (Sept 15): The government will await an official letter from the opposition regarding its reported rejection of the Memorandum of Understanding (MOU) on opposition allocation proposed by the government, said Deputy Prime Minister Datuk Seri Fadillah Yusof.

Fadillah: Govt to wait for official letter on opposition’s rejection of draft MOU on allocations

KUALA LUMPUR (Sept 15): Deputy Minister of Domestic Trade and Cost of Living&nbsp;Fuziah Salleh&nbsp;has been appointed as the new PKR secretary-general, effective immediately, succeeding Datuk Seri Saifuddin Nasution Ismail.

Fuziah Salleh appointed PKR sec-gen with immediate effect

SEATTLE (Sept 14): A strike at Boeing "could go on for a while" as workers are confident they can get bigger wage increases and an improved pension, union leader Jon Holden said in an interview with National Public Radio (NPR) on Saturday.

Boeing strike could drag on as workers push for higher wages, union leader says

CHICAGO/BENGALURU (Sept 15): Air Canada&nbsp;said early on Sunday that it had reached a tentative agreement with its pilots union over a new four-year collective agreement, in a last-minute deal that will avert a near-term strike or lockout.

Air Canada reaches last-minute deal with pilots union, averting strike

KUALA LUMPUR (Sept 15): Global funds are snapping up Southeast Asian assets, as the prospect of interest-rate cuts and attractive valuations holds out the promise of supersized returns.

<div class="ceonothumb pb-3 imgw-800 mx-auto d-block"><img alt="" src="//myassets.theedgemalaysia.com/pics/2024/brc2024-pg83-Bursa-img3_theedgemalaysia.jpg" /></div>

<h3>Allianz Malaysia Bhd</h3>

Allianz Malaysia Bhd (KL:ALLIANZ), part of the Allianz Grou...

Pushing sustainability efforts with Allianz4Good

The 2024 chapter of The Edge Billion Ringgit Club (BRC) Awards is especially memorable, not only because it is the 15th year for the awards — that started in 2010 as an initiative by The Edge Malaysia to recognise, honour and celebrate the biggest and best of Corporate Malaysia — but also the year in which The Edge Malaysia celebrates its 30th anniversary of reporting news that matters.

Assalamualaikum warahmatullahi wabarakatuh. Salam Sejahtera. Salam Malaysia Madani. And a very good evening to Yang Berbahagia Tan Sri Tong Kooi Ong, chairman of The Edge Media Group; Yang Berbahagia Datuk Ho Kay Tat, publisher and group CEO of The Edge Media Group; distinguished guests; members of The Edge Billion Ringgit Club; and ladies and gentlemen.

KUALA LUMPUR&nbsp; (Sept 15): Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi extended Maulidur Rasul greetings to all Muslims, urging them to embody the noble values imparted by Prophet Muhammad, especially in daily life.

Maulidur Rasul: Malaysian leaders call for reflection on Prophet’s teachings

AMMAN (Sept 15): Jordan's King Abdullah has designated key palace aide Jafar Hassan as prime minister after the government resigned on Sunday, the royal court said, days after a parliamentary election in which the Islamist opposition made some gains in the US-allied kingdom.

Economic Report 2022/2023

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Economic Report 2022/2023

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