KUALA LUMPUR: Public Bank Bhd managing director and chief executive officer Tan Sri Tay Ah Lek said Budget 2023 is broad based and adequately addresses the current needs of all strata of society.
“Issues like food security and preparedness for natural disasters are also being addressed, in addition to infrastructure spending covering healthcare and education, and digital infrastructures to address developmental and digital gaps.
“Climate change is no longer a topic reserved for conversations of scholars, activists or conservationists, its damaging effects already evident here in Malaysia in recent years with distinct changes in weather patterns and unprecedented flooding in areas never seen before, among others,” he said.
He said that on this note, the government’s continued focus on sustainability-based initiatives in Budget 2023 is lauded, with ongoing emphasis given towards enhancing green investments and projects in line with the United Nation’s Sustainable Development Goals (SDG).
“The Public Bank group reaffirms its commitment in partnering the government and various stakeholders towards advancing these agendas.
“We continue to be fully supportive of the government’s initiatives as laid out in Budget 2023, a well-thought and comprehensive plan which we believe will strengthen the country’s post-pandemic recovery while also enhancing the well-being of the Rakyat,” he said.
Meanwhile, OCBC Bank chief economist Selena Ling forecasts Malaysia’s 2023 gross domestic product (GDP) growth at 4.4 per cent, partly due to the high base last year as well as the global growth slowdown, especially in key markets.
She said there are policies to broaden the tax base and streamline tax reliefs to mitigate the impact on fiscal revenue.
“We believe these policies will be carried out in a calibrated manner as the government recognises the challenge of rising cost of living particularly for vulnerable groups,” she said in a statement today.
She said Budget 2023 strikes a balance between the need to support the economy and the commitment on fiscal consolidation.
“The budget can be expected to be welcomed by the market,” she added. – BERNAMA
