KUALA LUMPUR: Public Bank chief Tan Sri Dr Teh Hong Piow said Budget 2018 sets the direction for the nation to embark on the journey towards the National Transformation 2050 (TN50).
It also addresses the needs of the rakyat amid rising cost of living.
“The wholesome approach of the Budget 2018 touches all aspects of the society and rakyat from all walks of life.
“ It provides wide ranging and inclusive measures to promote economic expansion and wellbeing of the rakyat, particularly the medium and lower income group,” he said in a statement.
Teh also added that the government’s firm and continuous commitment in strengthening its fiscal position was further affirmed through Budget 2018.
The fiscal deficit is projected to reduce further to 2.8 per cent of GDP in 2018, supported by expectations of higher government revenue and prudent fiscal spending.
“The implementation of new and ongoing infrastructure projects will continue to stimulate investments, which in turn generate capacity expansion in high growth sectors.
“ Domestic investment will complement private consumption activities, contributing to a broad-based economic growth,” he added.
The global economic landscape will continue evolving owing to technological advancement, particularly in the area of digital economy. In the midst of the Fourth Industrial Revolution, raising value-added productivity, alongside innovation, technological advancements and human capital development could unleash further the growth potential of the Malaysian economy.