Budget 2018: “Shaping the Future”
anne2017-10-25T13:16:56+08:00
Nordin Abdullah
“Budget 2018, themed “Shaping the Future” should see the government continue to balance spending on infrastructure projects and social wellbeing programs. While this remains a challenge for the government the current GDP growth and revenues from tax collection will ensure that the government’s commitment to the people in both the near and medium term future are fulfilled.” “Cost of living and affordable housing have been key issues in the media, it is expected that the government will take this opportunity to address these current issues. Having said that, the government has been able to keep a lid on inflation over the last 12 months especially for essential items despite the current value of the Ringgit against major international currencies. Expanding the non-GST items list may have a direct positive impact on the lower income groups while not adversely affecting revenues of the government.” “In striving to shape the future, it is important to recognise that Malaysia is more than ever competing in the global marketplace for, investment, trade and ultimately jobs. It will be competiveness at the organisation and individual levels that will need to increase. The government has continued to put in place measures, including structural reforms and training programs to ensure that the “ecosystem for success” is there for those willing to move up the value chain and compete locally or internationally.” “The continued priority should be on capacity building through standards implementation and best practices. Malaysia requires a human capital base that is able to compete in the digital economy, this is important for both GLC’s and SME’s alike, as a strategy to enable Malaysian business to tap regional economic growth.”
“Continued spending on infrastructure projects in Sabah and Sarawak will be the key to unlocking the economic resources of Borneo and will provide a high rate of economic return. These projects can be a catalyst for growth for the whole country and will have direct positive impact on the lives of people living there.” ‘These measures would be in line with the government’s stated goal of assisting the people through managing the cost of living and ultimately moving to a high income nation where the economic growth is shared across all income groups.” Stated Nordin Abdullah when commenting on the upcoming budget. Nordin Abdullah is Managing Director of Glenreagh Sdn Bhd a boutique consultancy firm, he is also the Founding Chairman of the Malaysia Global Business Forum (MGBF) and an EXCO member of the Malaysia Australia Business Council (MABC).
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In this episode of 'A Working Lunch with Nordin', MGBF's Nordin Abdullah and regional commentator Eddin Khoo will discuss the biggest threats and opportunities for businesses as we look to manage change in the South China Sea.
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