Unveiled by the Finance Minister Lim Guan Eng on Oct 11, Malaysia’s 2020 budget is focused on driving growth and unbiased outcomes towards the ‘Shared Prosperity Vision 2030’.
In this regard, an InterChamber event was organized by the Belgium Luxemborg, Irish, Finnish and Danish chambers on 15th of November’19 at Nordic House, Kuala Lumpur in which renowned economist Prof. Dr. Yeah Kim Leng from Sunway University delivered a talk sharing key insights of the budget from a macro economic perspective. The event was attended by InterChamber members and other corporate dignitaries. It provided the perfect opportunity for everyone to not only network after work hours but also unwind and connect over drinks and scrumptious food from Ra.Ft Café. The breathtaking view of the Twin Towers from the venue offered the perfect setting for guests to catch up with old friends and make new connections.
“This is a very good event for SMEs to fully understand how to leverage on the Government’s Budget 2020 plans that has a lot to offer to SMEs. A must go event!” exclaimed Ms. Pauline Goh, Director-Alliances, InvestKL Corporation.
Prof. Yeah started the discussion with a brief introduction into the economic and fiscal landscape of Malaysia. According to him, the budget focusses on initiatives which are aimed not only at responding to the sluggish global economic environment but also engineering the country towards digital transformation, while establishing an inclusive social safety net for everybody.
The GDP growth is forecasted at 4.8% for 2020, marginally higher than the previous two years, whereas inflation is expected to increase to 2% in 2020. Prof. Yeah indicated that the government is looking forward to improving its status as a destination of choice for foreign firms keen on investing in Malaysia. The budget also revealed its intention to provide tax incentive and support to the SMEs. He was of the opinion that the government crafted the budget with the assumption that it will boost the economic growth of the country.
Prof. Yeah ended his engaging session with an optimistic outlook towards Malaysia’s growth and development in the near future. The Budget 2020 is likely to deliver on its promises because of a stronger emphasis on effective execution and efficient spending but external factors are also critical as the global economy’s impact is a big concern. Hence the government needs to exercise caution. They have targeted strategic areas which in the long term has the potential to steer the economy towards its vision of achieving ‘Shared Prosperity Vision 2030’.
Communications Manager, LinkFacility Inc. An MBA in Human Resources and an Organisational Psychology post graduate, Paramita is creatively inclined with a passion for content creation, digital media and understanding consumer behaviour. With a background in teaching and writing, Paramita is in charge of creating engaging content for the LinkFacility community and beyond.
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