Growth-debt balancing act in Budget 2024 likely: RHB Research

RHB Research says one of the key focuses will be the certainty and timing of fuel subsidies rationalisation. – BernamapicBudget 2024 is likely to feature a delicate balancing act by the government between continued economic support and ensuring debt sustainability, said RHB Research.

“We expect some form of fiscal consolidation measures to be announced, which include the enhancement of revenue as well as the rationalisation of expenditure allocation. Hence, RHB Research said it has revised its 2024 fiscal deficit projection to 4.5% of gross domestic product versus its previous estimate of 4.8% of GDP.“The Goods and Services Tax is unlikely to be reintroduced in Budget 2024 as containing the issues of rising costs of living remains one of the priorities for the current administration.

RHB Research said that on the expenditure side, it expects the development expenditure allocation to trend around RM95-100 billion, in line with the revised spending ceiling for the 12th Malaysia Plan programmes’ projects.“One of the key focuses would be the certainty and timing of fuel subsidies rationalisation.

Source: Loan Digest (loandigest.net)

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