PUTRAJAYA: The 2018 Budget will be inclusive, responsible and comprehensive towards achieving sustainable economic growth, Datuk Seri Najib Razak said.
“The interests of all groups in the country, as Malaysian citizens, will be taken into consideration,” the prime minister and finance minister said in a briefing to editors here today.
Najib said the 2018 Budget should not be treated as a wishlist, but rather in the overall context of sound economic and financial management of the country, and at the same time a budget that cares for the interests of the rakyat.
“It is a budget that will move the country forward in terms of economic growth that is sustainable, (not) something that is done just because you want to be a populist government,” he added.
Najib said the budget will increase programmes for the rakyat in many aspects, and will look into areas that can create new sources of growth for the country and new wealth for the people.
“Investing in infrastructure has provided a strong underpinning for our long-term economic growth. That will continue. Growth in income will be monitored closely, but also important is more equitable distribution of income,” he said.
Najib said the 2018 Budget will also cover women, the youth, Bumiputera agenda, Indian Blueprint, and concerns of Chinese community.
“It is a very comprehensive budget. We expect this budget, Insya-Allah (God willing), will show that this is a responsible government. We will ensure that we prioritise interests of the rakyat, create more high impact programmes and enhance spending efficiency,” he added.
Najib said the government’s commitment to fiscal consolidation will continue, as this is what rating agencies look at to measure the economy’s outlook.
“This year we expect (the government’s fiscal deficit) to be minus three per cent. For the 2018 Budget, we will close at a figure slightly lower than that,” he added.
Najib said the government has been very consistent in its management of the economy, delivering on its targets and providing certainty in terms of policies and future direction.
“It is not a flip-flop government. It’s a government that can continue on the same track.”
He said overall economic growth remains good with a GDP of 5.7 per cent in the first half of 2017, hinting that full year growth for this year will likely surprise on the upside.
“Most international agencies have predicted above five per cent. We will give our own estimates for 2017 in the budget,” he said.
Last year’s budget had forecast GDP growth this year at 4-5 per cent.
