KUALA LUMPUR: According to Communications Minister Fahmi Fadzil (pic), the unity government is aiming to reduce the country’s fiscal deficit rate to 4.3% this year. Despite facing challenges in the external environment, Malaysia recorded a three per cent gross domestic product (GDP) growth in the fourth quarter of 2023.
Fahmi, the government’s spokesperson, emphasized that in order to ensure the country’s economic progress, three fundamental areas need to be prioritized: investment, focus on new job opportunities, and controlled goods prices. He stated that by focusing on these fundamentals, Malaysia is on the right economic track, with decreasing unemployment rate, inflation, and increasing foreign direct investment (FDI).
In a Facebook post on Sunday (Feb 18), Fahmi also mentioned that the fiscal deficit has decreased. He highlighted that in 2022, the fiscal deficit was 5.6 per cent, which has now been reduced to 5.0 per cent. The government aims to further reduce it to 4.3% this year, with the expectation that unemployment rate will decrease, inflation will decrease, and FDI will increase.
In the same post, Fahmi shared an infographic that showcased the achievements in the country’s economic development for the fourth quarter of 2023, including RM17.1bil in foreign direct investment. – Bernama
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