KUALA LUMPUR, Nov 2 -- Various measures to accelerate the country’s economic recovery and maintain the well-being of the people will be introduced in Budget 2021 to be tabled on Nov 6, said Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed.
“The government through the Economic Action Council (EAC) secretariat is finalising the preparation of a long-term economic recovery plan,” he told the Dewan Rakyat here, today.
He was responding to Datuk Mohd Fasiah Mohd Fakeh (BERSATU-Sabak Bernam) who had asked about the economic impact of the COVID-19 pandemic on individuals, households and businesses, as well as government policies, mechanisms and steps to drive the economy.
The minister also said the 12th Malaysia Plan (12MP), 2021-2025 will be announced in early 2021.
“Insyaallah, with the measures that have been taken and will be taken through Budget 2021, the 12MP and relevant policies, the country's economy will recover. Our economy will be competitive and sustainable to guarantee the welfare and well-being of the people,” he said.
Mustapa noted that the pandemic had greatly impacted individuals, households and businesses as well as all sectors of the economy, and that the scale was beyond expectation with economies of countries around the world facing substantial contraction.
According to the International Monetary Fund (IMF), world economic growth will contract by 4.4 per cent, the worst since World War II.
In this regard, Mustapa said, Malaysia was no exception with its gross domestic product (GDP) contracting by 8.3 per cent in the first half of this year.
“The government had set up the EAC to address prevailing economic issues and challenges, which is chaired by the prime minister, and monitors the impact of COVID-19 on the economy and draws up measures to revive and revitalise the country's economy.
“Since its establishment, 24 meetings have been held and 48 papers tabled. Among them were on measures to rehabilitate the affected economic sectors such as tourism, construction, retail and small and medium enterprises, measures to improve the well-being of the people, and lower unemployment rate.
“Let us all, regardless of party, together revive the country's economy and protect the interests of the people,” he said.
-- BERNAMA
KUALA LUMPUR, Nov 12 -- The impact from Budget 2022 on the fixed income market is almost negligible, given that there were no major surprises in terms of the country’s debt financing requirement and fiscal position, said Manulife Investment Management (Manulife).
KUALA LUMPUR, Nov 11 -- Budget 2022 tax initiatives may not contribute significantly to government revenue and there is a need to look for other ways to increase it for the sustainable economic growth of the country, according to a tax expert.
KUALA LUMPUR, Dec 16 -- Budget 2021 was formulated based on reports presented by relevant bodies whose data could be determined to be valid, the Ministry of Finance (MoF) said.
MANCHESTER, Oct 16 -- Industry players say the 2020 Budget tabled last Friday clearly reflects the government's commitment to developing the domestic logistics sector by addressing o...
Exclusive report by Jailani Hasan
LABUAN, Oct 16 --The Labuan Chamber of Malay Entrepreneurs ( DUML) has hailed the 2020 Budget presented by Finance Minister Lim Gu...
Exclusive report by Mohd Fharkhan Abdul Ghapar
KUALA LUMPUR, Oct 15 (Bernama) -- The government is advised to refine the implementation of the 90-day maternity ...
KUALA LUMPUR, Nov 19 -- The Ministry of Transport which receives RM6.05 billion allocation under Budget 2021, will be providing various incentives to benefit the people.
KUALA LUMPUR, Nov 16 -- The Ministry of Agriculture and Food Industries (MAFI) and the private sector must escalate co-operation to optimise the allocation in the 2021 Budget to MAFI so that ...
KUALA LUMPUR, Nov 9 -- The inclusive Budget 2021 touching on the involvement of various parties contributing to the economic chain related to the tourism sector is seen capable of revital...
© 2024 BERNAMA. All Rights Reserved.
Disclaimer | Privacy Policy | Security Policy This material may not be published, broadcast,
rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 58.0.1 (64-bit) & Chrome Version 63.0.3239.132 (Official Build) (64-bit) with 1920 x 1080 resolution