Structural reforms a key focus for Budget 2023, says Finance Ministry

KUALA LUMPUR, June 3 — In an effort to manage external shocks that may affect the wellbeing of the people and businesses, the government has set a medium-term priority of implementing structural reforms that will strengthen the country’s economic resilience.

On Malaysia’s economic performance for the year, MoF said the country started off strongly in 2022 with a gross domestic product growth of five per cent in the first quarter. MoF assured that the government will continue to monitor the various economic risks and effectively manage any external shocks that may affect the well-being of the people and businesses.

However, it noted that operating expenditure also increased, particularly due to the current fuel subsidy mechanism, which mitigated rising inflationary pressures domestically. The government, it said, will focus on strengthening programme coordination across ministries to ensure swift implementation of various initiatives for the SMEs.

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