Govt’s fiscal deficit reduction plan well on track

Free Malaysia Today

The government outperformed its fiscal deficit target in 2024, cutting it to 4.1% from 5% in 2023.  Read More: https://www.freemalaysiatoday.com/category/highlight/2025/02/20/govts-fiscal-deficit-reduction-plan-well-on-track/  Laporan Lanjut: https://www.freemalaysiatoday.com/category/bahasa/tempatan/2025/02/20/pelan-pengurangan-defisit-fiskal-negara-di-landasan-yang-betul/  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews #FiscalDeficit #Reduction

Transcript

00:00An economist said Malaysia's fiscal consolidation initiative to reduce the fiscal deficit is

00:07on track, but the government needs to ensure the positive momentum continues.

00:12Bank Ngomalak Malaysia chief economist Afzal Nizam Rashid has given the thumbs up to the

00:17administration for lowering the fiscal deficit.

00:21He also noted that the government's total revenue had risen to RM324.6 billion in 2024,

00:29which is higher compared to initial estimates of RM322.1 billion.

00:35Afzal Nizam said other government measures such as the 10% low value goods tax and raising

00:41the services tax rates from 6% to 8% have contributed to a lower fiscal deficit of RM79.2

00:48billion compared to the estimated RM84.3 billion.

00:53He also acknowledged Bank Negara Malaysia's role in driving the economy, noting that it

00:58was able to normalise the overnight policy rate from an all-time low of 1.75% to 3% between

01:052022 and 2023.

01:08The government outperformed its fiscal deficit target in 2024, achieving a gross domestic

01:14product reduction to 4.1% from 5% the previous year.

01:19It was an improvement from the initial forecast of 4.3%, while the projected deficit is set

01:24to decrease to 3.8% of GDP in 2025.

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