Around this time every year, all eyes are on the Finance Minister as he tables the latest Budget for the coming year.
With the COVID-19 situation wreaking havoc on the economy, it was widely expected for the Government to table another expansionary Budget. Budget 2020 largely planned to allocate investment for SMEs amidst economic headwinds, but the rise of COVID-19 in March derailed those plans.
Budget 2021, themed “Stand United, Together we Prevail”, saw some of the most economically vulnerable groups given focus, especially with regards to long-term goals aimed at elevating living standards. Education and digital growth in particular received a huge allocation in order to provide future-proofing for the future.
Economically, 2021 is widely seen to be a challenging year ahead. Aside from the COVID-19 pandemic, domestically, high Government debt levels and an ever-increasing wealth gap are plaguing Malaysians. 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.
In line with the country’s aim of becoming a highly-skilled, high-income nation and achieving its Shared Prosperity Vision 2030, Budget 2020 also included several allocations for various groups—from the bottom 40 per cent (B40) income segment, to corporate Malaysia, public transport, technology, and of course SMEs.
UNPRECEDENTED CHALLENGES
2020 has been a tumultuous period for Malaysia. The spread of COVID-19 has not only taken lives, but also stifled economic activity. This is an unprecedented crisis, and the world has no guidelines or measures that can be used as reference.
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