Malaysia’s 2022 budget to be released
Malaysia’s budget for 2022 will be released to parliament today.
The main strategies for the budget focus on recovery, rebuilding national resilience and catalyzing reform to drive socio-economic activities and the national development agenda.
Malaysia, like many countries has spent billions of dollars on various stimulus measures throughout the COVID-19 pandemic. But as 74% of Malaysians are vaccinated and the pandemic nears its end, the nation’s revenue must be increased to fund these extensive measures. One method for closing this gap is through collection of taxes.
Expect technology adoption and innovation to be key enabling factors mentioned in the budget that will function to catalyze and increase domestic growth across all sectors and assist in post-pandemic recovery. Malaysia’s shipping capacities are also expected to be heavily reworked as the nation hopes to extend its exports.
In the medium- to long-term, expect Malaysia’s economy to continue to grow post-pandemic throughout 2022 and beyond as the government reallocates taxes towards large multinational enterprises which previously were not privy to such levies for funds generated outside of national borders.
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