KUALA LUMPUR, Oct 29 — The federal government could unveil an expansionary budget to jumpstart an economy beset by a pandemic and undo nearly two years worth of damage, with analysts predicting record spending to create more jobs, support key industries and raise living standards.
Estimated total development spending could reach RM110 billion, according to a forecast by UOB senior economist Julia Goh and economist Loke Siew Ting, an 11.6 per cent increase with RM75 billion carved out for development expenditure and RM35 billion for the Covid Fund.“We expect expansionary policies which include RM32.5 billion for Covid-19 Fund, development expenditure of RM76.
But these expenses would still be smaller compared to the amount that will go into the government’s plans to “rehabilitate” agencies in financial problems and restart mega infrastructure projects that had been slowed down by the Covid-19 crisis. “Major public sector projects that will be undertaken include the East Coast Rail Link , Johor Bahru-Singapore Rapid Transit System , and Pan Borneo Highway”.
Most analysts have settled for a 5 to 6 per cent growth forecast for 2022 on the back of optimism that economic activities will resume fully as the government is set to inoculate at least 90 per cent of the population by this year, easing the transition towards the endemic phase.
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