THE government will strengthen the country’s fiscal position by increasing revenue and expenditure rationalisation, as well as introducing more targeted subsidies, identifying new sources of growth and implementing economic structural reforms.

Economy Minister Rafizi Ramli said these will help to reduce the impact of the projected global economic slowdown this year on Malaysia’s economic growth.

“The government is planning a more targeted national economic model through various engagement sessions with stakeholders, academia and civil society organisations.

“The government is also focusing on potential sectors such as the tourism and agriculture sectors,” he said in the Dewan Rakyat today.

He said this in reply to a question from Hamzah Zainudin (Larut-PN) on the recommendations of the National Economic Action Council for a more focused economic model to reduce the impact of the global economic slowdown in 2023.

Rafizi said the government is also focused on improving governance, especially the execution of government projects, for speed and cost savings.

“Emphasis will be given to efforts to increase investments, create more jobs, address inflation and ensure the enforcement of a minimum wage that will benefit the workers. 

“The ministry is in the process of preparing a half-term review of the 12th Malaysia Plan and all strategies and initiatives will be detailed in the document.” – Bernama, February 14, 2023.