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Financial News: Malaysia's Najib Unveils Expansionary Budget Ahead Of Elec

Malaysia's Najib Unveils Expansionary Budget Ahead Of Election

10/27/2017 - 07:50:00 (RTTNews)

(RTTNews) - Malaysia's Prime Minister Najib Razak, on Friday, announced the populist measures in the Budget 2018 ahead of election next year.

Najib said the government will raise its spending by 7.5 percent in 2018 and a major portion will be utilized for subsides and social assistance.

The government plans to spend MYR 280.3 billion next year as government revenues are expected to grow 6.4 percent.

Najib said the government remains committed to fiscal consolidation.

The fiscal deficit is projected to narrow to 2.8 percent of GDP in 2018 from 3 percent in 2017, according to economic report released ahead of the budget speech.

The economy is forecast to grow 5-5.5 percent next year on strong domestic demand.

The government expects inflation to remain between 2.5 percent and 3.5 percent in 2018, slightly slower than the 3-4 percent estimated for 2017.

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