MIDF: Budget contains optimal mix of stimulus, incentives and safeguards
KUCHING: The highly anticipated Budget 2019 has the optimal mix of stimulus, incentives and safeguards needed to navigate what is expected to be another challenging year ahead. The forecasted growth figure indicates the Government’s cautiously optimistic view with respect to the current economic landscape.
MIDF is confident that the domestic growth target can be achieved given various measures and strategies adopted by the Government despite adverse developments.
MIDF opined that the initiatives mentioned to assist the rakyat from the Bottom 40 ( B40) group as well as the measures to improve the wellbeing of Malaysians would be positive towards reducing the income gap between the rich and the poor.
Furthermore, the focus on Industrial Revolution 4.0 and Technical Education and Vocational Training ( TVET) are steps in the right direction and are expected to further boost future income level of Malaysians, en route to achieving high income nation status in the future.
Commenting on the budget, MIDF group managing director Datuk Charon Mokhzani said, “Budget 2019 is far better than expected. The Government is optimistic about the coming year as are we.
“The government forecast that its revenues will increase and it will be spending more on operational expenditure. This will be done without increasing taxes on the general population.
“Instead, the government will be using the increased dividends from Petronas (a benefit of higher crude oil prices) and targeted taxes on less desirable things such as smoking, gaming and sugar.”
The measures to assist those in the B40, including targeted subsidies and cash transfers as well as policies to make housing more affordable are welcome. We need to address income inequality and ensure a shared prosperity.
“Our long term economic growth depends on us embracing the fourth industrial revolution and having a skilled work- force and therefore the budget allocations for Industry 4.0 promotion and Technical Education and Vocational Training ( TVET) are salutary.”