KUALA LUMPUR (Oct 29): Industries are to shift towards high technologies and high-skilled labour to reduce dependency on foreign workers, the Ministry of Finance (MoF) said.

“As skills and expertise are needed for technology adoption and application, the affected sectors need to invest in upskilling and reskilling initiatives to increase their workers’ productivity and sectors’ performance,” the ministry said in its Economic Report 2021/2022

MOF: Industries to shift towards high tech, and high-skilled labour to reduce foreign labour dependency

KUALA LUMPUR (Oct 29): Malaysia’s capital markets remained vibrant, with gross funds raised increasing by 13.4% to RM163 billion as at the end of July 2021 from a year ago, according to the Economic Outlook 2022 Report published by the Ministry of Finance (MoF) on Friday.

Fundraising activities in the capital markets saw an improvement of 43.1% to RM65.6 billion by the private sector, while the public sector regressed marginally by 0.5% to RM97.4 billion according to MoF.

Malaysian capital markets remain vibrant, gross funds raised increased 16.3% to RM163b as at July 2021

Malaysia's current account balance is projected to record a surplus of RM55.6 billion or 3.5% of the gross national income (GNI) in 2022, according to the Ministry of Finance, down from the RM56.7 billion or 3.8% of the GNI recorded in 2021.

MoF: Robust trade to continue in 2022, current account balance to record RM55.6b surplus, gross exports to increase by 1.5%

Malaysia’s 2021 development expenditure (DE) has been revised lower to RM62 billion from the original budget of RM69 billion.

The 2021/22 Economic Report highlighted that the downward revision is also in line with the reassessment and deferment of several projects.

2021 development expenditure revised to RM62 bil from RM69 bil

The federal government's revenue for 2021 is estimated to be lower at RM221 billion or 14.6% of gross domestic product in 2021, a 6.7% shortfall from the budget estimates earlier.

6.7% shortfall in revenue to RM221 billion estimated for 2021 budget

Federal government's revenue collection in 2022 is estimated to come in at RM234 billion, or 14.3% of gross domestic product, higher than the revised estimate of RM221 billion for 2021.

Federal govt's 2022 revenue collection estimated to be RM234 billion, 14.3% of GDP

The Medium-Term Fiscal Framework (MTFF) for 2022 to 2024 projects the overall fiscal deficit to average at 5% of gross domestic product (GDP), representing a more gradual than initially projected fiscal consolidation trajectory.

Medium-term fiscal framework projects overall fiscal deficit to average at 5% of GDP for 2022 to 2024

A total of RM75.6 billion has been earmarked for development expenditure (DE) in 2022, higher than the RM62 billion revised allocation for 2021 as the country moves into the second year of the 12th Malaysia Plan.

Higher development expenditure of RM75.6b in 2022 vs RM62b in 2021

Budget 2022 will focus on driving economic recovery, rebuilding national resilience and catalysing reforms across the private and public sectors.

The Ministry of Finance (MoF) said in its 2022 Economic Outlook Report that the worst-hit sectors such as tourism and its related industries will be prioritised, while businesses will be encouraged to enhance their competitive edge and venture into new growth areas to build resilience and withstand future adversities.

Budget 2022 to focus on driving economic recovery, rebuilding resilience, catalysing reforms

The government is expecting its consolidated general revenue to decline by 3.3% to RM282.9 billion in 2021, mainly due to lower revenue from the federal government and federal statutory bodies.

Govt expects 3.3% drop in consolidated general revenue for 2021

Domestic demand in Malaysia is expected to expand by 6.6% in 2022 and return to pre-pandemic levels after a 3.1% rebound in 2021.

The Ministry of Finance (MoF) expects pent-up demand to spur economic growth amid expectations of a rebound in private and public consumption and investments.

Domestic demand expected to expand 6.6% in 2022, driven by pent-up private consumption and higher public spending

The government is currently considering options to reduce the reliance on direct taxes and widen the revenue base by shifting to consumption-based tax under the Medium-Term Revenue Strategy (MTRS) framework.

Government to consider consumption-based tax in order to reduce reliance on direct taxes

The Ministry of Finance (MoF) said the Malaysian federal government’s total expenditure is budgeted to be higher at RM332.1 billion in 2022, attributed to higher operating expenditure (OE) at RM233.5 billion and development expenditure (DE) at RM75.6 billion.

MoF: Higher operating, development expenditure in 2022 to revitalise economy

Malaysia's inflation, measured by the consumer price index (CPI), is expected to moderate from current levels to 2.1% next year, following better economic prospects and stable crude oil prices.

Malaysia's inflation set to moderate to 2.1% in 2022 on better economic prospects, stable oil prices

SEREMBAN (April 28): Tabung Haji (TH) bore over RM350 million in direct and indirect financial assistance costs for this year's haj operations, its haj management general manager Mohamed Heikal Mohamed Yusuff revealed on Sunday.

Tabung Haji bore more than RM350m in assistance cost for this year's haj ops

KUCHING (April 28): Water is an important component which acts as a stabiliser and catalyst for sustainable national development, said Deputy Prime Minister Datuk Seri Fadillah Yusof.

Water acts as stabiliser, catalyst for sustainable national development — Fadillah

LISBON (April 28): Russia's air defence systems destroyed 17 drones launched by Ukraine over its territory, Russia's defence ministry said on Sunday, with a regional official saying the attack targeted an oil storage facility in the Kaluga region.

Russia says it destroyed 17 drones launched by Ukraine

CYBERJAYA (April 28): The Occupational Safety and Health (Amendment) Act 2022 will come into effect on June 1, thus further increasing the level of safety and health at workplaces nationwide, said Human Resources Minister Steven Sim Chee Keong.

Minister: Occupational Safety and Health (Amendment) Act 2022 comes into force on June 1

SHANGHAI (April 28): A private jet linked to Tesla chief executive officer (CEO) Elon Musk landed in Beijing on Sunday, a flight tracking app showed, as two people with knowledge of the matter said the billionaire was kicking off a surprise visit to the automaker's second-biggest market.

Tesla CEO Elon Musk kicks off surprise trip to Beijing, sources say

BANGKOK (April 28): Thai former energy executive Pichai Chunhavajira was named the country's finance minister on Sunday, facing a tough task to revive Southeast Asia's second-largest economy.

Former exec Pichai named as Thai finance minister, faces growth challenges

RIYADH (April 28): The World Economic Forum’s (WEF) Special Meeting commences in Riyadh, Saudi Arabia on Sunday, to find solutions to a host of global challenges relating to humanitarian issues, the climate and the economy.

World Economic Forum’s Special Meeting commences in Riyadh

WASHINGTON (April 27): US President Joe Biden delivered an election-year roast on Saturday night at the annual White House Correspondents' Association dinner, as protesters outside criticised his support for Israel's war against Hamas.

Biden jabs Trump in election-year roast at correspondents' dinner

Companies Commission of Malaysia issues directive to Ewog’s trustee to freeze trust account funds

Companies Commission of Malaysia orders East West One Group’s trustee to freeze trust account funds

BEIRUT (April 28): France's foreign minister will push proposals to prevent further escalation and a potential war between Israel and Iran-backed Hezbollah during a visit to Lebanon on Sunday, as Paris seeks to refine a roadmap that both sides could accept to ease tensions.

France's foreign minister looks to prevent Israel-Hezbollah conflict escalation in Lebanon visit

Companies Commission of Malaysia issues directive to Ewog’s trustee to freeze trust account funds

Boustead Properties Bhd will unveil its latest transit-oriented development in Mutiara Damansara in the third quarter of 2024 (3Q2024). A redevelopment project of the eCurve mall, which began operating in 2006 and was closed in 2021, The Lines will be part of the developer’s efforts to elevate the neighbourhood through the Mutiara Damansara revitalisation plan. The overall plan will take about 10 to 15 years to complete with an estimated gross development value of RM8.9 billion.

Reimagining Mutiara Damansara

HULU SELANGOR (April 27): The Selangor government, via several subsidiaries, including the Selangor Menteri Besar (Incorporation) or MBI, has signed memoranda of understanding (MOUs) with several technology companies in Germany, in an effort to further develop the state.

Selangor signs MOU with tech firms in Germany

(April 28):&nbsp;A higher-for-longer interest rate environment is burnishing the credentials of cheap Chinese stocks and driving value investment strategies in Asia.&nbsp;

Fed repricing gives rise to new equities playbook in Asia

RIYADH (April 28): Malaysian Prime Minister Datuk Seri Anwar Ibrahim arrived here on Saturday (April 27) night for a three-day working visit to participate in the World Economic Forum’s (WEF) Special Meeting.&nbsp;

Anwar arrives in Riyadh for World Economic Forum Special Meeting

SHANGHAI (April 28): A private jet linked to Tesla chief executive officer (CEO) Elon Musk landed in Beijing on Sunday, a flight tracking app showed, as two people with knowledge of the matter said the billionaire was kicking off a surprise visit to the automaker's second-biggest market.

Jazz luminary Tay Cher Siang and songstress Janet Lee share their journey through the vibrant world of jazz, each shaped by unique encounters and cultural influences. For Tay, a chance encounter with Astrud Gilberto’s Corcovado sparked a lifelong passion for jazz, rooted in Malaysia’s rich tapestry of sounds and traditions. His eclectic approach to music, termed “cham cham jazz”, celebrates the country’s multicultural essence, blending diverse elements into a harmonious fusion.&nbsp;

Jazz is their jam

KUALA LUMPUR (April 28): Malaysia is on a mission to explore various economic opportunities and attract new investments at the World Economic Forum (WEF) Special Meeting in Riyadh, Saudi Arabia, which will last two days starting Sunday.

Anwar on a mission to explore economic opportunities, attract new investments at WEF

CYBERJAYA (April 28): The Occupational Safety and Health (Amendment) Act 2022 will come into effect on June 1, thus further increasing the level of safety and health at workplaces nationwide, said Human Resources Minister Steven Sim Chee Keong.

BANGKOK (April 28): Thai former energy executive Pichai Chunhavajira was named the country's finance minister on Sunday, facing a tough task to revive Southeast Asia's second-largest economy.

RIYADH (April 28): The World Economic Forum’s (WEF) Special Meeting commences in Riyadh, Saudi Arabia&nbsp;on Sunday, to find solutions to a host of global challenges relating to humanitarian issues, the climate and the economy.&nbsp;

WASHINGTON (April 27): US&nbsp;President Joe Biden delivered an election-year roast on Saturday night at the annual White House Correspondents' Association dinner, as protesters outside criticised his support for Israel's war against Hamas.

KUCHING (April 28): Water is an important component which acts as a stabiliser and catalyst for sustainable national development, said Deputy Prime Minister Datuk Seri Fadillah Yusof.

BEIRUT (April 28): France's foreign minister will push proposals to prevent further escalation and a potential war between Israel and Iran-backed Hezbollah during a visit to Lebanon on Sunday, as Paris seeks to refine a roadmap that both sides could accept to ease tensions.

LISBON (April 28): Russia's air defence systems destroyed 17 drones launched by Ukraine over its territory, Russia's defence ministry said on Sunday, with a regional official saying the attack targeted an oil storage facility in the Kaluga region.

SEREMBAN (April 28): Tabung Haji (TH) bore over RM350 million in direct and indirect financial assistance costs for this year's haj operations, its haj&nbsp;management general manager Mohamed Heikal Mohamed Yusuff revealed on Sunday. &nbsp;

Economic Report 2021/2022

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