Finance Minister II Datuk Seri Amir Hamzah Azizan has stated that the economy is expected to grow by between 4 and 5 per cent this year, supported by export recovery and resilient domestic demand.
He said trade recovery will be underpinned by the global technology upcycle and further recovery in tourism activity.
“Household spending will be underpinned by improving income and employment. Investment activity will be driven by further progress of multi-year investment projects by both the public and private sectors,” he said in his keynote address at Bank Negara Malaysia’s Sasana Symposium here today.
He also said the implementation of catalytic initiatives under various master plans, such as the National Energy Transition Roadmap, New Industrial Master Plan 2030 and the 12th Malaysia Plan will further boost investment.
Amir Hamzah said the government is committed to delivering meaningful structural reforms as it is necessary to build a more prosperous and inclusive Malaysia.
In this regard, he noted that parallel multi-pronged strategic reforms are being pursued to support this endeavour.
“First, to raise the floor by creating more fiscal space and making the economic pie bigger for higher participation. Second, to raise the ceiling by enhancing social protection, and third, to establish good governance,” he said.
He also said the Public Finance and Fiscal Responsibility Act 2023 and the Medium-Term Fiscal Framework are crucial measures to broaden and diversify the revenue base.
He added that Malaysia is well positioned to benefit from the reconfiguration of global value chains.
“To make the most of this opportunity, we prioritise policies to attract high-quality investments that boost our economic competitiveness and create high-value jobs,” he said.
Hence, by advancing these structural reforms, Malaysia will enhance its global competitiveness relative to other nations that are also working to bolster their growth potential, address fiscal deficits and improve resource efficiencies, he added.
