Malaysian Prime Minister Anwar Ibrahim has pledged to significantly reduce public debt by the end of this year, while the country’s finance ministry aims to lower the debt-to-GDP ratio from 64% to 60% over the next five years.
Kuala Lumpur (VNA) – Malaysian Prime Minister Anwar Ibrahim has pledged to significantly reduce public debt by the end of this year, while the country’s finance ministry aims to lower the debt-to-GDP ratio from 64% to 60% over the next five years.
According to Dr. Goh Lim Thye, a lecturer at the faculty of economics, University of Malaya, the Malaysian Government has been actively implementing measures outlined in the 2024 budget, but national debt remains at a high level.
From Goh’s perspective, as long as Malaysia maintains strong economic growth momentum and follows sound fiscal policies, the national debt can be managed in the medium and long term.
This year, the country’s economy has shown positive growth, recording a 4.2% increase in the first quarter and 5.9% in the second quarter. This success was attributed to increased household spending, the lowest unemployment rate since the pandemic, and sustained growth in the manufacturing sector, particularly in electrical and electronics industries. Additionally, Malaysia has focused on investing in emerging technologies such as electric vehicles (EVs) and artificial intelligence (AI).
Goh held that a high national debt does not necessarily indicate a poor economy.
He said while national debt is an important indicator of economic per🍬formance, it is a relative measure. The key is whether a country can effectively manage and utilise borrowed funds for its development./.
Malaysian Prime Minister Anwar Ibrahim has submitted to the parliament a budget spending plan for 2025 worth 421 billion MYR (about 97 billion USD), the biggest in history, in efforts to accelerate the country’s journey to become an economic powerhouse in Asia and position it for sustainable growth and resilience.
Malaysia's Department of Statistics (DOSM) has reported that the country's information and communication technology (ICT) and e-commerce sectors generated 427.7 billion MYR (99.25 billion USD) in 2023, contributing 23.5% to its GDP.
Additional funding should be allocated to the Ministry of Transport of Malaysia to address the shortage of skilled workers in the automotive sector, especially electric vehicles (EVs), an expert has said.
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The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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