He said the management of fiscal and monetary policies should enhance the government’s revenue, as well as optimise development and operating expenditures, among others.
“The wellbeing of the rakyat will also be addressed, including [on issues like] the cost of living, managing unemployment and creating a conducive environment for private sector growth.
“On the details, we will just have to wait for the announcement on January 28,” he told reporters after presenting his keynote address today at the Standard Chartered Bank Malaysia Bhd’s (Stanchart’s) Global Research Briefing 2016, themed “Retreat, Regroup, Rebound.”
Meanwhile, Stanchart said the country’s gross domestic product (GDP) this year was expected to record a lower growth of about 4.7 per cent and would be driven by consumption.
Its Head of Asean Economic Research, Edward Lee said a few factors had to be considered, such as the impact of global oil prices, goods and services, good employment rates as well as the moderation in China’s economic growth.
“Consumption is expected to contribute about 60-70 per cent to Malaysia’s GDP and investments [will contribute] about 25 per cent, like in 2015, which is reasonable,” he said.
Lee said Stanchart believed Bank Negara Malaysia may cut its overnight policy rate (OPR) in the second or the third quarter of this year due to tight fiscal positioning and lower GDP growth.
The OPR rate is currently at 3.25 per cent.
– BERNAMA