However, while recovery was gathering pace, the government still needed to increase operating expenditure because subsidies and social assistance were still necessary as Malaysians focus on recovering from the lockdowns in 2022 without the concerns of any movement controls being implemented.
Overall, Malaysia has outperformed many countries in 2022 economically primarily on the back of pent-up and robust domestic demand, but as global macroeconomic uncertainties continue to linger this year, the government’s focus remains on addressing economic risks to the country as well as on the general well being of Malaysians.
It is clear that the government is expecting revenue to edge down following the cautious outlook on the global economy which is anticipated to also affect Malaysia. Hence, to maintain fiscal shrewdness, expenditure would also need to be reduced.
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