Prime Minister Datuk Seri Najib Abdul Razak presents the 2017 Budget, in Parliament, on Oct 27, 2017. (Source: thesundaily.my) Kuala Lumpur (VNA) – Malaysia’s 2018 budget will stand at 280.3 billion ringgit, a rise of 7.5 percent from this year, according to the 2018 budget estimates announced by Prime Minister Najib Razak on October 27.
The country’s budget deficit is expected at 2.8 percent of GDP for 2018, compared to 3.0 percent this year while economic growth will hit 5.2-5.7 percent in 2017 and 5-5.5 percent in 2018.
Total budget collection is forecast to increase 6.1 percent this year and 6.4 percent next year.
Notably, a huge sum will be allocated to support local people and reduce taxes fort the middle-income class.
Analysts said the move aims to draw people’s more support for the United Malays National Organisation (UMNO) Party and the ruling coalition in the upcoming 14th general elections in Malaysia.-VNA
VNA
