Cutting expenditure and putting Financial Responsibility Act in place are among the steps recommended.
Rajah Rasiah says reducing the national debt should be a priority while Afzanizam Rashid believes putting the Financial Responsibility Act in place will bolster confidence in the government.
Economist Rajah Rasiah noted that the fiscal deficit is way higher than the 3% ceiling recommended under the proposed Fiscal Responsibility Act . Rajah believes that the government should prioritise reducing national debt in the upcoming Budget 2024. Bank Muamalat chief economist Afzanizam Rashid agreed that what matters is the government’s credibility in controlling the debt size, especially on governance.
“The Malaysian economy has done well, having recorded an 8.7% GDP growth in 2022 and 5.6% growth in the first half of 2023, while recording an inflation rate of 2% in August 2023,” Rajah said. “It will be good to announce the introduction of GST this year, and implement it in 2025.”“The regressiveness of GST can be removed by returning the taxes paid by the B60 back to them through e-invoices into their accounts using tax identification numbers.
Afzanizam added that regular engagement with businesses is needed in order to avoid any confusion if the government decides to go ahead with the GST.
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