External trade and geopolitical factors will also have an impact on growth rate, analysts say.
Economists have expressed doubts that Malaysians will see a 5% economic growth rate as predicted by Prime Minister Anwar Ibrahim when tabling Budget 2024 last Friday.
“However, I would say the shows that we have strong fundamentals. Hence, this may serve as a platform for us to achieve solid growth, at least 4% next year,” he added. Malaysian Institute of Economic Research senior research fellow Shankaran Nambiar also expressed doubts about the likelihood of achieving a 5% growth rate next year.
Another factor that will influence domestic growth is the speed at which global trade recovers, which itself is dependent on how fast the Chinese economy heals. The sales and service tax , which cumulatively amounts to 16% currently, is estimated to bring in RM34.2 billion this year, equivalent to 11.3% of the government’s total revenue.
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