Budget 2025 maintains gradual fiscal consolidation approach

Almost one in five of the workforce in Guangzhou have turned to work in flexible contracts, higher than China’s national level of 14.3%.

KUALA LUMPUR: Malaysia’s Budget 2025 reaffirms a commitment towards gradual fiscal consolidation from a high debt level compared with peers, according to Fitch Ratings .

The budget also reiterated the Public Finance and Fiscal Responsibility Act’s target to reduce the deficit to 3.0 per cent of GDP and federal government debt to below 60 per cent of GDP in the medium term, though no specific timeline was provided. The subsidies rationalisation may have positive macroeconomic effects at the margin if fiscal reforms have the net effect of channelling more resources to the less wealthy sections of the population that have a higher propensity to spend, it said.

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