KUALA LUMPUR, Oct 17 — BMI Country Risk & Industry Research (BMI), a Fitch solutions company, has retained its forecast for Malaysia’s budget deficit as a share of gross...
BMI said a quick view outlook on the Malaysia Budget 2024 signalled a continued path towards fiscal consolidation. — Reuters picKUALA LUMPUR, Oct 17 — BMI Country Risk & Industry Research , a Fitch solutions company, has retained its forecast for Malaysia’s budget deficit as a share of gross domestic products to fall from 4.9 per cent in 2023 to 4.3 per cent in 2024, in line with the government’s fiscal projections.
“The budget also marks a positive step towards Malaysia’s medium-term goal of narrowing its budget deficit to 3.5 per cent of GDP by 2025,” it said in a statement today. BMI said that more broadly, total revenue is expected to rise by 1.5 per cent to RM307.6 billion in 2024 , of which the increase in tax revenue would help offset the decline in non-tax revenue.“Specifically, the government expects dividend income from Petronas to decrease from RM47.8 billion in 2023 to RMR39.7 billion in 2024,” it said.
“This forecast is in line with the Public Finance And Fiscal Responsibility Law passed on Oct 12, which stipulates that the country’s annual development spending must exceed three per cent of GDP.
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