Govt to focus on alleviating global economic slowdown’s impact on Malaysia

KUALA LUMPUR: The government will strengthen the country’s fiscal position by increasing revenue and expenditure rationalisation, as well as introducing more targeted subsidies, identifying new sources of growth and implementing economic structural reforms.

Economy Minister Rafizi Ramli said these would help to reduce the impact of the projected global economic slowdown this year and its impact on Malaysia’s economic growth.

“The government is trying to plan a more targeted national economic model through the implementation of various engagement sessions with stakeholders, academia and civil society organisations.

“Additionally, the government is also focusing on potential sectors such as the tourism and agriculture sectors,“ he said during the oral question and answer session in the Dewan Rakyat, today.

He said this in reply to a question by Datuk Seri Hamzah Zainudin (PN-Larut) on the recommendations and affirmative action of the National Economic Action Council in planning a more focused economic model to reduce the impact of the global economic slowdown in 2023.

Rafizi said the government also focused on improving governance, especially the implementation of government projects by studying and re-drafting the level of efficiency to speed up implementation in addition to cost savings.

“Emphasis will also be given to efforts to increase investments, create more jobs, address inflation and ensure the implementation of a minimum wage that will benefit the workers.

“The ministry is currently in the process of preparing the Half-Term Review of the 12th Malaysia Plan and all related strategies and initiatives will be detailed in the document,“ he added. – Benrama

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