Malaysia Budget 2024 Snapshot Economic Reform, Empowering the People

With a substantial allocation of RM393.8 billion, the 2024 Budget builds upon a rather decent fiscal performance fueled by the First MADANI Budget in 2023, through a tri-dimensional focus on effective governance and transparency, galvanizing economy as well as elevating the people’s standard of living. Of the total amount, RM303.8 billion is allocated for Management Spending, RM90 billion for Development and RM2 billion as Contingency Savings. Evidently, the nation maintains an expansionary fiscal stance, with an aim of achieving almost a 5% GDP growth, even as it embarks on a progressive fiscal deficit reduction to 4.3% from the projected 5% of GDP for 2023.

The “Economic Reform, Empowering the People” agenda clearly seeks to prioritise the rakyat’s wellbeing while being fiscally responsible. This is in line with the recent announcements such as the National Energy Transition Roadmap, the New Industrial Master Plan 2030, and the Mid-Term Review of the Twelfth Malaysia Plan, which all seeks to drive our nation forward and strengthening our position in the global market.

All information is provided by Deloitte. For the latest tax update, please click here.


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