KUCHING: The increased allocation of development funds for Sarawak in Budget 2024 is expected to have a positive impact on the region’s economic outlook.
Economist Dr Evan Lau said the increased allocation for Sarawak holds the potential to spark a range of positive economic changes.
The Associate Professor in the Faculty of Economics and Business (FEB), Universiti Malaysia Sarawak (Unimas) anticipated that the improved infrastructure and support for local industries can serve as a magnet for investments and, in turn, open up new job opportunities.
“As the economy expands and employment prospects rise, we may see a decline in poverty rates. Ultimately, this translates to a better quality of life for people,” he told New Sarawak Tribune.
Yesterday (Oct 13), Prime Minister Datuk Seri Anwar Ibrahim announced the revised budget for 2024, allocating a substantial RM5.8 billion development fund to Sarawak.
Meanwhile, Sabah was granted RM6.6 billion for its development fund, showcasing the government’s commitment to fostering growth in East Malaysia.
