As such, the 2017 Budget resembles more a “People’s Budget” aimed at a cornucopia of diverse groups ranging from civil servants, women, entrepreneurs, the rural and urban poor to small- and-medium-sized enterprises (SMEs) and students. In contrast, the 2017 Budget estimates government revenues at RM260.8 billion, 3.4 per cent higher than the recalibrated 2016 Budget. Next year’s budget deficit, for instance, is estimated at RM41.1 billion, based on government revenue projections of RM219.7 billion. “As a result of further diversification of our economy, growth had been resilient and sustained despite the recent decline in oil prices by almost 50 per cent. This is against an expected global growth background of 3.1 per cent this year from 3.2 per cent last year.

Source: New Strait Times October 24, 2016 03:05 UTC