Malaysia’s 2023 budget focuses on economic recovery

Illustrative image (Photo: Internet)

Hanoi (VNA) – Malaysian Finance Minister Tengku Abdul Aziz on October 7 submitted the draft State budget 2023 to the legislature, which allocates 372.3 billion RM (81 billion USD) to the economy, up from 332 billion RM in 2022 and 322 billion RM in 2021.

Up to 43.3% of the sum has been earmarked for the ministries of finance, education and health.

Notably, the Government also allocated cash aid to the low-income households and individuals.

The 2023 budget will also focus on welfare for citizens, businesses and the economy, with an expectation to continue economic recovery following COVID-19 pandemic apart from economic structure reform.

Minister Tengku noted that the Malaysian economy grew by 5% in the first quarter and 8.9% in the second quarter. It is expected to continue the solid growth in the third quarter./.