Malaysia’s Budget 2023 is a lean package that addresses needs of the people: observers

Malaysia’s Budget for 2023 may be a leaner one than last year’s, but it is still a well-rounded package that will not only help alleviate the financial burden of many citizens but also give a much-needed boost to the economy to facilitate long-term growth, industry observers told The Business Times.

Carmelo Ferlito, the chief executive of the Centre for Market Education, a boutique think tank based in Kuala Lumpur, lauded the income tax rate reduction for the middle-income group, as well as the grants and loans that have been allocated for micro, small and medium-sized enterprises.

“These moves are necessary and welcome. I hope these measures can induce positive profit expectations and therefore help the country’s economic system surf the waves that are coming,” he told BT, a day after Finance Minister Tengku Zafrul Aziz introduced a RM372.3 billion (S$114.6 billion) budget in Parliament.