Franklin Templeton GSC Asset Management Sdn Bhd chief executive officer Hanifah Hashim said the budget also reflected the government’s continued commitment to reduce fiscal deficit while supporting economic growth. Despite current external headwinds, the government forecast of 4.8 per cent growth in the gross domestic product (GDP) is higher than the 2019 budget estimation of 4.7 per cent economic expansion. The fiscal deficit is projected to be 3.2 per cent of the GDP for 2020. “The revised rate remains on a declining trend from the 3.4 per cent deficit expected in 2019. “We noticed the government’s effort in maintaining a balance between fiscal spending to spur economic growth and preparing the groundwork for a high-value economy,” it said.

Source: New Strait Times October 18, 2019 12:56 UTC