PM Najib's 2017 Budget expected to focus on reducing cost of living

Prime Minister Datuk Seri Najib Tun Razak, who is also Finance Minister, will table the Budget at Parliament in Dewan Rakyat, here at 4pm.

Themed "Accelerating Growth, Ensuring Fiscal Prudence, Enhancing Well-being of the Rakyat", the 2017 Budget is expected to reveal a number of measures to address the country's economic challenges following the weak external front.

With the ultimate goal of enhancing the people's prosperity in a fair and inclusive manner, it will also consist of a new approach to bolster certain industries to face the global economic slowdown.

These industries have been affected by weak international trade, coupled with Britain's exit from the European Union, as well as, global uncertainties contributed by lower prices of commodities such as crude oil, gas, minerals, palm oil and rubber.

The Ministry of Finance had conducted many meetings with various stakeholders to discuss issues and recommendations for the 2017 Budget, as well as, invited the public to contribute ideas for the preparation of the budget.

"The planning process for the 2017 Budget has taken several measures to advance the economy with the aim of enhancing the people's prosperity in a fair and inclusive manner," Najib told the Dewan Rakyat on Monday.

He pointed out that Malaysia recorded a Gross Domestic Product growth of five per cent in 2015, which far exceeded that of Indonesia (4.8 per cent), Thailand (2.8 per cent) and South Korea (2.6 per cent).

The economy grew 4.1 per cent in the first half of this year and is forecast to register a growth of between 4.0 and 4.5 per cent in 2016.

Under the 2016 Budget, RM267.2 billion had been allocated compared with the revised RM260.7 billion in 2015.

On Jan 28 this year, the government restructured and recalibrated the 2016 Budget but within the range of initiatives and allocation that was approved by Parliament.