PUTRAJAYA: The 2019 Budget, scheduled to be tabled on Nov 2, will serve as an indicator and provide a clearer picture to investors on the country’s future economic direction.
Deputy Economic Affairs Minister Dr Radzi Jidin said the 2019 Budget would complement the government’s aspirations and plans as listed under the 11th Malaysia Plan (11MP) mid-term review recently.
He said there were also other factors that would influence investors’ decisions including the trade war between the United States and China, as well as the US interest rate which would have some impact on the country’s economy.
“Our economy is stable. It is just that when (Pakatan Harapan) won the recent general election, over a certain period, investors and the market adopted a more cautious approach.
“The (11MP) mid-term review report has allowed the government to elaborate on its policies while the 2019 Budget will give a clearer explanation to investors who have been waiting to learn more on Malaysia’s economic direction and others.
“There are many policies and proposals that have been tabled in the said report, of which the government will look into the details of their implementation,” he said after the launch of the National Stakeholders Seminar: Gauging Malaysia’s Genuine Economic Development.
On the seminar organised by Universiti Kebangsaan Malaysia, Radzi said the university had introduced a macro economic indicator known as the Genuine Progress Indicator (GPI), which has its own components which are more direct and clearer compared to the Gross Domestic Product (GDP).
The seminar committee chairman Professor Dr Jamal Othman said the GPI initiative covered components such as sustainable wellbeing and sustainable resources, which would be deliberated with relevant stakeholders from various government agencies before presenting it to the Economic Planning Unit and the Statistics Department.