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Malaysia’s 2018 budget to increase 7.5 percent

Malaysia’s 2018 budget will stand at 280.3 billion ringgit, a rise of 7.5 percent from this year, according to the 2018 budget estimates announced by Prime Minister Najib Razak on October 27.
Malaysia’s 2018 budget to increase 7.5 percent ảnh 1Prime Minister Datuk Seri Najib Abdul Razak presents the 2017 Budget, in Parliament, on Oct 27, 2017. (Source: thesundaily.my)

 Kuala Lumpur (VNA) – Malaysia’s 2018 budget will stand at 280.3 billion ringgit,a rise of 7.5 percent from this year, according to the 2018 budget estimates announcedby Prime Minister Najib Razak on October 27.

The country’s budget deficit is expected at 2.8 percent of GDP for 2018,compared to 3.0 percent this year while economic growth will hit 5.2-5.7percent in 2017 and 5-5.5 percent in 2018.

Total budget collection is forecast to increase 6.1 percent this year and 6.4percent next year.

Notably, a huge sum will be allocated to support local people and reduce taxesfort the middle-income class.

Analysts said the move aims to draw people’s more support for the United MalaysNational Organisation (UMNO) Party and the ruling coalition in the upcoming 14thgeneral elections in Malaysia.-VNA
VNA
#Malaysia#2018 budget#Prime Minister Najib Razak#budget deficit#economic growth#middle-income class#United Malays National Organisation (UMNO) Party#Vietnam#VietnamPlus#Vietnam News
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