LETTER | Budget 2023 - focus on health, education and agriculture

LETTER | The reopening of Malaysia’s borders has benefited the services sector the most in the recovery of incomes and jobs.

It must be mentioned equally the return on private-government spending on infrastructure fueled the growth of construction and industry.

The newly formed government which has yet to present an alternate or adjusted Budget 2023, is expected to focus on handling rising inflation and high-interest rates that could temper household spending and investment.

Prime Minister Anwar Ibrahim has indirectly signalled his new cabinet and set himself as an example by not taking a salary and cutting cabinet ministers’ and MPs’ salaries. This is to undertake fiscal consolidation by doing away with unnecessary public expenditure as measures to rein in government deficits and reduce the country's debts.

The public services should also cut unnecessary expenditures on public funds and ensure every ringgit spent should be accounted for.

Economists everywhere have predicted that global growth is expected to decelerate in 2023. The country can expect to see our exports subdued to some extent from external demands from buyers of advanced economies.

This is despite the gloomy expected global climate in 2023.

The government budget for 2023 should consider spending more on our health, education and agriculture with bigger budgets to reduce vulnerabilities from the scarring impact of the Covid-19 pandemic especially among the poor and most vulnerable in our society.

Addressing the weaknesses in land, labour and machinery in the agriculture sector will help strengthen food security and boost more inclusive growth in the country and reduce the cost of food overall.

Increased public investments in the agriculture sector will help address the structural constraints including value chain weaknesses and poor business climate for the agri-food system.

To strengthen the private sector's confidence, Anwar’s administration needs to take decisive action to confirm its development priorities. His new administration should lay out its points on the socio-economic agenda.

He should boldly address opposition critics on social and economic issues affecting the poor and vulnerable regardless of race, religion or gender to bring the economy back to its high growth trajectory for every citizen to enjoy a life of quality.

The writer is Johor Indian Business Association (Jiba) president.

The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.