KUALA LUMPUR: Malaysia’s economy is projected to rebound with a growth between 6.5 per cent and 7.5 per cent next year, said the government on Friday as it unveiled an expansionary budget geared towards a recovery from COVID-19.
This is the first budget tabled by Mr Muhyiddin’s administration, which holds a slim majority in the House of Representatives.There have been fears earlier that Members of Parliament would block the passage of the budget and turn it into a no-confidence vote against Mr Muhyiddin. But the crisis appears to have been averted after theInputs have been sought from the opposition lawmakers on the formulation of this budget, the first time in the country’s history.
“Growth will continue to be supported by strong economic fundamentals and well-diversified economy,” the government said, adding that the favourable outlook, however, hinges on the successful containment of the pandemic and sustained recovery in external demand. Malaysia, though relying heavily on commodities and petroleum for its foreign exchange, has a well diversified economy. It also has strong services and manufacturing sectors.
Agriculture, which contracted by 3.9 per cent in the first half of 2020, is expected to turnaround by 4.7 per cent next year, supported mainly by higher production of palm oil and rubber.
I will consider the above information is more of a forward-looking statement than the historical facts. The forward-looking statements are subject to revision in the future, as reality may not live up to expectations or possibilities.
Dei bastards its no more PH its PN now
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