The Federation of Malaysian Manufacturers (FMM) recognises that the task of drafting the revised 2023 budget is a challenging one given the various opposing forces. FMM Budget2023 Commentary SME 5G GreenTech TVET GST
Agrees reintroduction of GST not ideal now but urges govt to consider it for 2024The revised Budget 2023, unveiled recently by Finance Minister Datuk Seri Anwar Ibrahim with the theme “Membangun Malaysia Madani”, is the Unity Government’s first budget which outlines its policies and priorities.
On the other hand, the Budget was drafted against the backdrop of a slower economic growth projection for Malaysia of 4.5% in 2023 against 8.7% the previous year. In addition, persistent inflationary pressures are set to remain while economic uncertainties are likely to continue given the still challenging global economic and geopolitical outlook. The IMF in its latest World Economic Outlook report projects global growth to fall to 2.9% in 2023 from 3.4% in 2022.
The RM1bil allocation, an increase from the previous RM750 million allocation to HRD Corp is lauded as it would further drive re-skilling and upskilling of the workforce as well as the RM50 million allocation for National Dual Training System which will further strengthen industry collaboration to provide students with the right industry exposure to meet the industry’s skills needs.
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