{"id":1677309,"date":"2022-10-07T05:08:50","date_gmt":"2022-10-07T09:08:50","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1677309"},"modified":"2022-10-07T05:09:43","modified_gmt":"2022-10-07T09:09:43","slug":"malaysia-announces-tighter-2023-budget-as-it-warns-of-slowing-growth-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/malaysia-announces-tighter-2023-budget-as-it-warns-of-slowing-growth-2\/","title":{"rendered":"Malaysia announces tighter 2023 budget as it warns of slowing growth"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmalaysia-announces-tighter-2023-budget-as-it-warns-of-slowing-growth-2%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1677309&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>KUALA LUMPUR (Reuters) \u2013     Malaysia on Friday unveiled a smaller budget for 2023, prioritising fiscal discipline over expectations of populist measures, as it warned of a slowdown in the economy from rising global risks. <\/p>\n<p>Prime Minister Ismail Sabri Yaakob\u2019s administration had been expected to table a moderately expansionary budget in a bid to boost voter support after speculation that national polls would be held this year, earlier than a September 2023 deadline. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>But Malaysia has been under pressure to rein in expenses and boost revenue as soaring commodity prices triggered record spending on subsidies this year.<\/p>\n<p>In economic and fiscal outlook reports released ahead of the finance minister\u2019s budget speech in parliament, the government said it was taking a cautious approach to a \u201cchallenging\u201d 2023 due to geopolitical tensions, rising global inflation, tightening financial conditions, and supply chain disruptions.<\/p>\n<p>\u201cThe 2023 budget aims to provide favourable conditions and ensure a balance between economic needs and fiscal consolidation,\u201d Finance Minister Tengku Zafrul Aziz said in the fiscal outlook report.<\/p>\n<p>Malaysia will develop appropriate policies to address any external shocks, he said. <\/p>\n<p>In the reports, the government revised up its 2022 gross domestic product (GDP) forecast to 6.5%-7% from a previous range of 5.3% to 6.3%, but expected growth to slow next year to 4%-5%.<\/p>\n<p>Strong domestic demand, new and ongoing infrastructure projects, and a vibrant services sector will offset some of the risks from the global slowdown, it said.<\/p>\n<p>The government plans to spend 372.3 billion ringgit ($80.08 billion) in 2023, down from an estimated 385.3 billion ringgit this year, according to the reports.     <\/p>\n<p>Revenue was seen declining 4.4% to 272.6 billion ringgit in 2023, while the government\u2019s fiscal deficit will likely narrow to 5.5% of GDP from a projected 5.8% this year, the reports said.  <\/p>\n<p>Malaysia said it was embarking on a review of public expenditure and a plan to reduce subsidy spending to targeted, vulnerable groups to consolidate its fiscal position. <\/p>\n<p>\u201cThis is in line with the government\u2019s commitment to maintain fiscal prudence and discipline in order to ensure fiscal sustainability in the long term,\u201d it said. <\/p>\n<p>Targeted subsidies will be gradually implemented in 2023, it said, adding that it expects to spend 42 billion ringgit for subsidies and social assistance next year.  <\/p>\n<p>($1 = 4.6490 ringgit)<\/p>\n<p> (Reporting by Kuala Lumpur newsroom; Writing by Rozanna Latiff; Editing by Ana Nicolaci da Costa)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/malaysia-announces-tighter-2023\/attachment\/people-dine-in-at-a-restaurant-in-front-of-petronas\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI960DI-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI960DI-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KUALA LUMPUR (Reuters) \u2013 Malaysia on Friday unveiled a smaller budget for 2023, prioritising fiscal discipline over expectations of populist measures, as it warned of a slowdown in the economy<\/p>\n","protected":false},"author":66,"featured_media":1889564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1677309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/malaysia-announces-tighter-2023\/?utm_source=rss&utm_medium=rss&utm_campaign=malaysia-announces-tighter-2023","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1677309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1677309"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1677309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889564"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1677309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1677309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1677309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}