It is that time of year again when all eyes are on the Malaysian Government’s Budget for the coming year.
This year’s Budget is particularly notable as it is the first one to be presented by the new Pakatan Harapan Government since it took over in May 2018.
Themed “A Resurgent Malaysia, A Dynamic Economy, A Prosperous Society”, the Budget was presented by Finance Minister, Lim Guan Eng amidst a challenging fiscal situation for Malaysia. Domestically, Malaysians are facing a high Government debt levels and an ever-increasing wealth gap. Externally, the prospect of a full-blown US-China trade war, a cooling worldwide economy, as well as global strife and tensions present a unique set of challenges for continued Malaysian economic growth.
However, the Government chose to table an expansionary Budget for 2019, defying expectations of an austerity drive. While the new Budget introduces several new taxes and duties, it also allocates subsidies and welfare spending for the B40 and M40 group. Education also got the lion’s share of the Budget, with RM652 million for the upgrading of schools, an additional RM100 million for the reconstruction of dilapidated schools, as well as tax exemptions for donations to national schools and public universities.
The overarching aim of the Budget is to kick-start the economy through government spending, and to reduce the income gap between rich and poor. The Government is also positioning Malaysia as an export and FDI hub for powerful East Asian economies countries such as China and Japan. However, Malaysia is not to be simply a low-cost manufacturing hub – the Government wishes to promote high-tech industry and Industry 4.0 practices within Malaysia.
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