KUALA LUMPUR – The unity government will make efforts to reduce the country’s fiscal deficit rate to 4.3% this year, according to Communications Minister Fahmi Fadzil.
Fahmi, who is also the unity government’s spokesperson, said Malaysia recorded 3% GDP growth in the fourth quarter of 2023, despite facing a challenging external environment during that year.
He said to ensure the country is on the right economic track, three economic fundamentals, namely investment, a focus on new job opportunities, and controlled goods prices need to be prioritised.
“By focusing on these three fundamentals, Insya-Allah we are on the right economic track… unemployment rate is decreasing, inflation is decreasing and foreign direct investment (FDI) is increasing.
“Fiscal deficit has also decreased. In 2022, the fiscal deficit was as high as 5.6%, now reduced to 5.0%. InsyaAllah, this year we aim to reduce it to 4.3%,” he said in a Facebook post yesterday.
In the same post, Fahmi shared an infographic highlighting the achievements in the country’s economic development for the fourth quarter of 2023, including RM17.1 billion in foreign direct investment. – February 19, 2024