Malaysia announces record budget plan for 2025
Malaysian Prime Minister Anwar Ibrahim has submitted to the parliament a budget spending plan for 2025 worth MYR421 billion (about $97 billion), 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.
Malaysian Prime Minister Anwar Ibrahim. Photo courtesy of malaymail.com.
The budget plan, aligned with the MADANI Economy framework, focuses on attracting high-quality investments, stimulating business opportunities, undertaking projects for the wellbeing of people, and not impacting their affordability in purchasing essential goods and services.
Addressing the parliament, Ibrahim, who is also Minister of Finance, said the budget will create jobs and also tackle financial leakages to enhance public spending efficiency.
He said the economic performance exceeded expectations, in terms of growth, investment and the value of the ringgit, reflecting investor confidence and early success from the MADANI Economy’s reform measures. Thus, the 2024 GDP is projected to be stronger, 4.8-5.3%, compared to the previous forecast of 4-5%.
The PM expressed his confidence that the national economy will grow strongly, at 4.5 - 5.5%, next year supported by the measures and strategies of the MADANI Budget 2025.
In July 2023, the Malaysian PM announced the MADANI Economy framework, which aims to help the country resolve current economic challenges, including improving competitiveness, attracting investment, and seeking measures for improving the quality of people’s life.
The initiative focuses on restructuring the economy towards turning Malaysia into one of the leading economies in Asia, and securing a better life for the people.
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