Government Striving To Reduce Fiscal Deficit To 4.3% This Year, Says Fahmi Fadzil

Communications Minister, Fahmi Fadzil has stated that the government will be working towards reducing the fiscal deficit rate to 4.3% this year.

Currently, Malaysia records a fiscal deficit rate of 5.0%, a significant reduction from the 2022 mark of 5.6%.

Fahmi, who is the Minister of Communications and also the spokesperson for the government, stated that Malaysia managed to record a 3% gross domestic product (GDP) growth in the fourth quarter of 2023, even though the global economy was in a challenging situation.

Fahmi also stated that to ensure that they are on the right track, the government is focusing on three economic fundamentals, which are investments, focus on new job opportunities, and controlled goods prices.

By focusing on these three economic fundamentals, the government will be on the right economic path to reduce the fiscal deficit rate, stated Fahmi in a Facebook post.

He also added in the same Facebook post, that unemployment rate and inflation has gone down, while foreign investments are increasing.

In the same Facebook post, Fahmi also shared an infographic that showed the reduction in unemployment from 3.4% to 3.3%, inflation from 2% to 1.6%, and the increase of foreign direct investments from RM7.2 billion to RM17.1 billion.

Read More : Malaysia’s GDP Growth For 2023 Revealed, Missed 4% GDP Growth Target