Analysts expect cautious Budget from Najib despite stronger hand
HAVING cemented his grip on his United Malays National Organisation (Umno), will Prime Minister (and Finance Minister) Najib Razak have the courage to deliver a credible Budget this Friday?
He is more likely to err on the side of caution.
This year's Budget has grown in importance as Malaysia's ratings outlook could depend on it. The country's public debt is at 54 per cent of gross domestic product while household debt, at 86 per cent of GDP, is the second-highest in Asia after Korea. Meanwhile, its surplus on the current account of the balance of payments has fallen to 1.1 per cent of GDP in the second quarter of the year, from an average of 11 per cent in 2009-12.
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