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

Malaysia’s semiconductor industry has asked Putrajaya to up reinvestment and research incentives, ease access to skilled foreign talent as well as reduce friction of doing business in Budget 2027 to enable the next phase of growth, as competition for investment intensifies globally.

Chip industry seeks bigger R&D, automation incentives in Budget 2027

The Strait of Hormuz will not reopen until seven Iranian conditions set out in a June interim agreement with the US are met, state media reported Iran's parliament speaker Mohammad Baqer Qalibaf as saying on Sunday.

Iran says Strait of Hormuz will not reopen until conditions are met

Red Bull's Max Verstappen won a chaotic rain-hit Bahrain Grand Prix in Malaysia on Sunday for his first victory of the season after the race start was delayed by more than 90 minutes due to treacherous conditions at the Sepang International Circuit.

Verstappen wins chaotic rain-delayed Bahrain Grand Prix 

Opec+ has agreed in principle to keep oil production targets steady for November, three sources close to the matter said ahead of the group's meeting on Sunday.

Opec+ agrees in principle to keep November oil output targets steady — Reuters

MARC Ratings has revised the MARCWatch status on Zetrix AI Bhd (KL:ZETRIX) to “negative” from “developing”, citing heightened concerns over transparency, governance and “continued unavailability of material information required for an informed assessment of its credit profile”.

MARC Ratings revises Zetrix AI watch status to 'negative' on governance, disclosure concerns

South Korean President Lee Jae Myung ordered a thorough investigation and response measures over recent personal data leak incidents at banks, finance companies and public agencies, Seoul's presidential office said on Sunday.

South Korean president orders probe into data leaks across financial industry

BATU PAHAT (Oct 4): A 16-year-old female student died after she was found unconscious and covered in blood at a school in Yong Peng Saturday.

Police said a 16-year-old male teenager was arrested at about 7pm in the Yong Peng area, about an hour after police were alerted to the incident....

Teen nabbed after student found murdered at Yong Peng school

KUALA LUMPUR (Oct 4): Datuk Seri Anwar Ibrahim has expressed his condolences over the death of secondary student Irene Sofiya Mohd Khairoul Faisal, whose body was found with injuries at a school in Yong Peng, Johor on Saturday.

In a Facebook post, the prime minister extended his condole...

PM orders swift probe into death of Yong Peng schoolgirl

Over the past decade, scholars and journalists have been writing about what the march of digital technology means for humanity with a mixture of hope and anxiety: hope because of the rise in living standards that the digital revolution has made possible, and anxiety because it has deepened social...

Real World Economics: How to Stop the AI-pocalypse

Train services on the MRT Putrajaya Line are experiencing delays following a power supply disruption caused by a cable theft incident near Taman Equine Station, according to Rapid KL.

Services on Putrajaya MRT line disrupted due to cable theft 

MARC Ratings has revised the MARCWatch status on Zetrix AI Bhd (KL:ZETRIX) to “negative” from “developing”, citing heightened concerns over transparency, governance and “continued unavailability of material information required for an informed assessment of its credit profile”.

KUALA LUMPUR (Oct 4): Datuk Seri Anwar Ibrahim has expressed his condolences over the death of secondary student Irene Sofiya Mohd Khairoul Faisal, whose body was found with injuries at a school in Yong Peng, Johor on Saturday.

In a Facebook post, the prime minister extended his condole...

BATU PAHAT (Oct 4): A 16-year-old female student died after she was found unconscious and covered in blood at a school in Yong Peng Saturday.

Police said a 16-year-old male teenager was arrested at about 7pm in the Yong Peng area, about an hour after police were alerted to the incident....

Train services on the MRT Putrajaya Line are experiencing delays following a power supply disruption caused by a cable theft incident near Taman Equine Station, according to Rapid KL.

The Strait of Hormuz will not reopen until seven Iranian conditions set out in a June interim agreement with the US are met, state media reported Iran's parliament speaker Mohammad Baqer Qalibaf as saying on Sunday.

Red Bull's Max Verstappen won a chaotic rain-hit Bahrain Grand Prix in Malaysia on Sunday for his first victory of the season after the race start was delayed by more than 90 minutes due to treacherous conditions at the Sepang International Circuit.

South Korean President Lee Jae Myung ordered a thorough investigation and response measures over recent personal data leak incidents at banks, finance companies and public agencies, Seoul's presidential office said on Sunday.

Malaysia’s semiconductor industry has asked Putrajaya to up reinvestment and research incentives, ease access to skilled foreign talent as well as reduce friction of doing business in Budget 2027 to enable the next phase of growth, as competition for investment intensifies globally.

Over the past decade, scholars and journalists have been writing about what the march of digital technology means for humanity with a mixture of hope and anxiety: hope because of the rise in living standards that the digital revolution has made possible, and anxiety because it has deepened social...

Opec+ has agreed in principle to keep oil production targets steady for November, three sources close to the matter said ahead of the group's meeting on Sunday.

Revised Economic Report 2022/2023

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Revised Economic Report 2022/2023

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