The Malaysian government has presented its 2026 budget proposal
KUALA LUMPUR, Oct 10 (Xinhua) -- Malaysian Prime Minister and Finance Minister Anwar Ibrahim submitted the 2026 fiscal budget to the parliament on October 10. The Malaysian government expects that the year-on-year growth rate of the country's gross domestic product (GDP) will slow down to 4.0% to 4.5% next year, and the total fiscal expenditure in the next year's budget will also be slightly reduced compared to this year to 419.2 billion ringgit (1 ringgit is approximately 0.24 U.S. dollars).
In recent years, the total fiscal expenditure of Malaysia's budget proposals has continuously set new records. The total expenditure of the 2025 budget proposal submitted last year even exceeded 400 billion ringgit for the first time, reaching 421 billion ringgit. The 2026 budget proposal is the first annual budget proposal of the Malaysian government since 2020 with a decrease in expenditure compared to the previous year.
2026 is the first year of the "Thirteenth Malaysian Plan". Anwar said that the 2026 budget proposal will plan Malaysia's development direction. Its main purpose is to ensure good governance, meet the needs of the people, and promote innovation. More investment will be made in semiconductors, new energy and digital technologies to promote "Malaysian Manufacturing" to enter the international market and help Malaysia's economic growth.