10 Key Insight on Malaysia’s Budget 2024
Malaysia’s Budget 2024, tabled by Prime Minister Datuk Seri Anwar Ibrahim, is the country’s largest ever spending plan. Here are the 10 key points from the budget:
1. Economy and Fiscal Position
The GDP growth is projected at 4-5% in 2024. The inflation rate was at 2% in August 2023, and the unemployment rate was at 3.4%. The fiscal deficit is targeted at 4.3% of GDP in 2024.
2. Government Revenue and Expenditure
Government revenue is estimated at RM307.6 billion in 2024. The government operating expenditure is at RM303.8 billion, with development expenditure at RM90 billion.
3. Taxes and Subsidies
The sales and service tax (SST) is proposed to be increased. Diesel subsidies are to be restructured, and price controls for chicken and eggs are to be lifted.
4. Social Welfare and Assistance
Budget 2024 contains various measures to aid those in need and cut back on blanket subsidies. RM40 electricity bill rebate will be provided for the hardcore poor.
5. Healthcare
The Health Ministry will receive 10.46% of the budget’s total allocation.
6. Education and Human Capital
The Education Ministry will be the second biggest recipient of the budget, receiving 14.91% of the total allocation.
7. Infrastructure and Transportation
RM300 million has been allocated for the repair of roads and bridges.
8. Agriculture and Food Security
The Agriculture and Food Security Ministry saw a 14.8% rise in its allocation.
9. Trade and Industry
The Domestic Trade and Cost of Living Ministry saw its allocation going up by 46.2%, the biggest growth in allocation for Budget 2024 compared to Budget 2023. The Investment, Trade and Industry Ministry is second with an 18.7% increase.
10. Governance and Legal Reforms
RM18 million has been allocated for legislative reforms, and RM38 million for judicial efficiency.
In conclusion, Budget 2024 is aimed at reforming the economy and empowering the rakyat. It focuses on best governance for service agility, restructuring the economy to accelerate growth, and improving people’s living standards.
Copyright & Disclaimer:
Copyright: All content, including text, images, and other multimedia materials, posted on this platform is the intellectual property of Wanconnect Advisory PLT and CCL & Partners PLT. Unauthorized use or reproduction of any content without prior written permission is strictly prohibited.
Disclaimer: The information provided on this platform is for general informational purposes only. It does not constitute professional advice and should not be relied upon for making decisions. Wanconnect Advisory PLT and CCL & Partners PLT. is not responsible for any errors or omissions in the content or for any actions taken based on the information provided. We recommend seeking professional advice for specific situations. Wanconnect Advisory PLT and CCL & Partners PLT. reserves the right to modify, update, or remove any content without notice.
