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

His Majesty Sultan Ibrahim, King of Malaysia, on Saturday visited the COMAC Beijing Aircraft Technology Research Institute to observe the latest developments in aviation technology in China.

King visits COMAC Beijing Aircraft Technology Research Institute

The Women, Family and Community Development Ministry (KPWKM) is seeking an allocation of about RM3 billion under Budget 2025, said its minister Datuk Seri Nancy Shukri.

Budget 2025: Women, Family and Community Development Ministry seeking RM3b — Nancy

The Ministry of Health (MOH) has stepped up health screenings at all border entry points to prevent the spread of monkey pox (mpox).

Deputy Health Minister Datuk Lukanisman Awang Sauni said the effort was intensified following a case involving a man who was confirmed to have contracted mpox.

MOH steps up mpox screening at all entry points

Overseas funds are piling money into Indian stocks, marking a strong return to the US$5 trillion (RM21.02 trillion) market after election-related uncertainty earlier this year triggered a brief hiatus.

Global money is chasing Indian stocks again as bull run extends

On a film set that resembles the medieval castle of a Chinese lord, Zhu Jian is busy disrupting the world's second-largest movie industry.

Low brow and vulgar? Micro dramas shake up China's film industry, aim for Hollywood

Bank Negara Malaysia (BNM) has given the nod for the Sarawak government's acquisition of a majority stake in Affin Bank Bhd (KL:AFFIN), according to several media reports, quoting Premier Tan Sri Abang Johari Tun Openg.

Sarawak govt gets Bank Negara's nod for acquisition of major stake in Affin Bank — reports

The Sultan of Selangor Sultan Sharafuddin Idris Shah expressed his sadness at the news related to police's investigation into criminal activities by GISB Holdings Sdn Bhd (GISBH) and its network.

Selangor Sultan disappointed with criminal activities related to GISBH

Inspector-General of Police Tan Sri Razarudin Husain announced that the raids on GISB Holdings Sdn Bhd (GISBH) since last Wednesday have led to 200 arrests so far.

He said 31 suspects are GISBH members and have been remanded for seven days to assist with investigations under Section 12 of the Anti-Trafficking in Persons and Anti-Smuggling of Migrants (ATIPSOM) Act 2007.

IGP announces raids on GISBH have led to 200 arrests

A Johnson & Johnson (J&J) subsidiary filed for bankruptcy for a third time on Friday as the healthcare giant seeks to advance an approximately US$10 billion (RM42.03 billion) proposed settlement that would end tens of thousands of lawsuits alleging that the company's baby powder and other talc products caused cancer.

J&J unit files for bankruptcy to advance US$10b talc settlement

The amendments to the Water Services Industry Act 2006 (Act 655) which has been approved by the Cabinet is expected to be tabled in Parliament this November.

Fadillah: Amendments to Water Services Industry Act 2006 to be tabled in November

Bank Negara Malaysia (BNM) has given the nod for the Sarawak government's acquisition of a majority stake in Affin Bank Bhd (KL:AFFIN), according to several media reports, quoting Premier Tan Sri Abang Johari Tun Openg.

A Johnson &amp; Johnson (J&amp;J) subsidiary filed for bankruptcy for a third time on Friday as the healthcare giant seeks to advance an approximately US$10 billion (RM42.03 billion) proposed settlement that would end tens of thousands of lawsuits alleging that the company's baby powder and other talc products caused cancer.

His Majesty Sultan Ibrahim, King of Malaysia, on Saturday visited the COMAC Beijing Aircraft Technology Research Institute to observe the latest developments in aviation technology in China.

The Sultan of Selangor Sultan Sharafuddin Idris Shah expressed his sadness at the news related to police's investigation into criminal activities by GISB Holdings Sdn Bhd (GISBH) and its network.

Inspector-General of Police Tan Sri Razarudin Husain announced that the raids on GISB Holdings Sdn Bhd (GISBH) since last Wednesday have led to 200 arrests so far.

He said 31 suspects are GISBH members and have been remanded for seven days to assist with investigations under Section 12 of the Anti-Trafficking in Persons and Anti-Smuggling of Migrants (ATIPSOM) Act 2007.

Tera VA Sdn Bhd, a wholly owned subsidiary of BM Greentech Bhd (KL:BMGREEN), has urged the government to extend the Net Energy Metering (NEM) and Solar for Rakyat Incentive Scheme (SolaRIS) programmes by an additional two years in the upcoming Budget 2025.

BM Greentech unit calls for SolaRIS quota extension, gradual grid liberalisation via CRESS in Budget 2025

The amendments to the Water Services Industry Act 2006 (Act 655) which has been approved by the Cabinet is expected to be tabled in Parliament this November.

On a film set that resembles the medieval castle of a Chinese lord, Zhu Jian is busy disrupting the world's second-largest movie industry.

Overseas funds are piling money into Indian stocks, marking a strong return to the US$5 trillion (RM21.02 trillion) market after election-related uncertainty earlier this year triggered a brief hiatus.

The state government, through the Johor Religious Council (MAINJ), is investigating the activities and movements of GISB Holdings Sdn Bhd (GISBH).

Johor Islamic Affairs Committee chairman Mohd Fared Mohd Khalid said the state government takes the various allegations against GISBH very seriously.

Johor govt investigating activities, movements of GISBH — exco

The Ministry of Health (MOH) has stepped up health screenings at all border entry points to prevent the spread of monkey pox (mpox).

Deputy Health Minister Datuk Lukanisman Awang Sauni said the effort was intensified following a case involving a man who was confirmed to have contracted mpox.

The Women, Family and Community Development Ministry (KPWKM) is seeking an allocation of about RM3 billion under Budget 2025, said its minister Datuk Seri Nancy Shukri.

Revised Economic Report 2022/2023

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Revised Economic Report 2022/2023

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