malaysiangMalaysia’s economy is projected to expand at 5-5.5 percent per year, for 2023-2025, according to the Mid-Term Review of the 12th Malaysia Plan (12MP) revealed yesterday.
According to the report, the growth will be supported by robust domestic demand, especially expenditure spending from the private sector.
With the economic expansion, Malaysia’s gross national income per capita is projected to grow 4.6 percent per annum to 61,000 ringgits in 2025.
According to the report, Malaysia’s fiscal management is expected to improve through the enactment of fiscal responsibility laws, as well as, the new act on debt and income.
In addition, the country is expected to see a broadening of base tax and the utilisation of technology and digitalisation, to ensure a more effective tax collection.
Themed “Sustainable, Prosperous, High-Income,” the 12MP is focused on three main areas, namely strengthening sustainability, developing a prosperous society and progressing towards becoming a high-income nation. (1 U.S. dollar equals about 4.67 ringgit)
Source: Nam News Network
