Budget 2023: Empower economy to overcome unemployment issues

Its president, Abqaree Fawwaz Abekan said the issue of unemployment had reached a worrying stage, with almost 200,000 unemployed were recorded last year and about 45,900 Sabah youth had to migrate to the peninsula to look for jobs.

"This is a loss for Sabah because the human capital resources that we need to develop Sabah are migrating to the peninsula.

"As such, MBS hopes that the government, through the 2023 Budget, can implement a mechanism to bolster economic growth. With sustainable economic growth, MBS believes that more job opportunities can be generated.

"The increase of industries and businesses in the state will also further improve the economic level of the population," he told a press conference here today.

He hoped that the 2023 Budget, scheduled for tabling this Friday (Oct 7), would underline initiatives to help Small and Medium Enterprise (SME) entrepreneurs and strengthen the ecotourism sector in the state.

Abqaree Fawwaz said MBS also hoped the 2023 Budget would outline efforts to establish cooperation between local entrepreneurs and foreign investors, as well as funds to help local entrepreneurs to expand their businesses.

He said the empowerment of the ecotourism sector was also important to improve the economic level of the people, especially in rural areas, and to provide opportunities, particularly for the rural youth, to generate income through ecotourism.

"The relocation of the Indonesian capital to Nusantara in 2045 is also capable of boosting Sabah's economy, but steps must be taken starting now, especially through Budget 2023 to reap the economic spillover from it," he said.

He said Budget 2023 should also introduce measures to deal with the rising cost of living, especially the rising prices of goods and inflation.

"Inflation in Aug this year increased 4.7 percent and food inflation jumped 7.2 percent, MBS sees this increase as having a negative impact on the youth, as it decreases their purchasing power and increase the cost of living, especially the B40 youths," he said.

Abqaree Fawwaz said MBS also hoped that Budget 2023 would also introduce initiatives to enable the youths to be more literate in handling their finances to avoid more youths becoming bankrupt.

" The Bantuan Keluarga Malaysia should also be increased by 50 per cent as well as provide better opportunities for home ownership among the youths," he added.