Petaling Jaya, December 5 – Economists anticipate that the retabling Budget 2023 would emphasize prudent fiscal policies, sustained economic development, and steps to combat increasing inflation.
Geoffrey Williams, a professor at Malaysia University of Science and Technology, believes that any increase in overall spending should be minimal.
“There must be a priority on price stability and the cost of living, supporting economic development in the event of a global slowdown, encouraging investment and micro, small, and medium-sized firms, and progressing on reforms and social protection,” he told StarBiz.
Williams said that the rapid growth fostered by both previous administrations’ policies will necessitate a reset in fiscal policy to balance and cooperate with monetary policy.
“If done well, we may see a virtuous cycle of lowering inflation, interest rate pauses, and a return to stable growth.”
Carmelo Ferlito, CEO of the Centre for Market Education, stated that the budget should prioritise on maintaining operations and beneficial points such as tax reduction.
He also stated that incentive programmes suggested in the previous Budget 2023 should be retained.
Read more : Money Compass