Structural Reform Key To Growth In 2024


 

Bank Negara forecasts economic growth at 4.0-5.0% for 2024 supported by domestic demand and recovery in exports.
This is similar to last year because the economic environment and downside risks especially from global factors are largely unchanged.
Investment is forecast to grow at 6.2% above the pre-Covid average of 5.5%. There has been some good news on investment approvals and especially semi-conductor investment in Malaysia from major international players such as AT&S, Intel, Infineon, Texas Instruments, Ericsson, Bosch and Nvidia. The challenge is to reform the ecosystem to turn approvals into actual investments.
Net Trade in January and February has been weak although there is very little chance of a deficit. A big decline is in electrical and electronics (E&E) exports which fell 8.1% from RM91.39 billion in Jan-Feb 2023 to RM83.99 billion in Jan-Feb 2024. The E&E share of exports also fell from 40.6% to 35.9%.
The trade balance is tightening largely due to very weak external demand outside of the control of Malaysian policymakers. Global growth is forecast at 2.7-3.2% below the pre-Covid average of 3.5% and global trade is forecast to grow at 2.9-3.4%, below the pre-Covid 3.7% average.
The weakness of the ringgit has helped exports and the policy of encouraging repatriation of profits has worked in the short-term. Nonetheless the strength of the ringgit depends on long-term structural reforms and economic resilience to delivery growth during 2024.
Headline inflation is forecast at 2.0-3.5%, core inflation between 2.0-3.0% so price stability is improving and interest rates should remain around 3.0%.
Consumption is forecast to grow at 5.7% below the pre-Covid average of 6.9%. This conservative projection puts the focus on the government reform agenda, especially subsidy rationalisation and raising incomes as key drivers of growth for the coming year.
Industry estimates suggest that a free float of petrol and diesel prices might cut the government subsidy bill by RM29 billion but it would cost consumers RM29 billion too.
The biggest saving in the short-term without harming consumers is a hard crackdown on diesel smuggling and theft but the government savings would also have to be redistributed to low-income groups to raise their income so that they can afford to pay higher fuel costs.
By far the best way of raising incomes and eradicating absolute, relative and other forms of poverty is to set a Universal Basic Income (UBI) threshold based on Bank Negara, DOSM and EPF Belanjawanku estimates of living wages. Those below this threshold should receive direct cash transfers to top-up to the UBI level.
This is the basis of the new Padu system and can replace all other ad-hoc welfare handouts and even the minimum wage.
Direct cash transfers do not cost a great deal and can incorporate and be paid from the existing subsidies budget. A RM500 monthly transfer to B40 households would cost RM17.5 billion per year, much cheaper than the current RM80 billion subsidy bill.
Actually, a much bigger and better solution to hardcore poverty, absolute poverty and raising incomes is provided by the gig-economy and the Sharing Economy platforms through which people increasingly find new income opportunities.
Our estimates for MDEC suggest that the Sharing Economy can create 968,100 new jobs in a total workforce of 4.3 million with average earnings of RM6,072 per month. This is much more important and impactful; it can create RM300-400 billion in payouts to people in this sector.
The basic case is clear, macroeconomic policy and interest rates are well set to help growth but structural reforms to raise incomes are essential domestic drivers of growth and investment in the face of global headwinds. - FMT
The views expressed are those of the writer and do not necessarily reflect those of MMKtT.


Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :

http://malaysiansmustknowthetruth.blogspot.com/2024/03/structural-reform-key-to-growth-in-2024.html

Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
Jelang Penetapan Hasil Pilpres 2024 Gibran Minta Pendukung Tak Euforia Berlebihan

Jelang Penetapan Hasil Pilpres 2024 Gibran Minta Pendukung Tak Euforia Berlebihan

papar berkaitan - pada 19/3/2024 - jumlah : 160 hits
Besok Gibran mengaku tetap akan berada di Solo untuk menunaikan pekerjaan sebagai wali kota
Video Mulai Lebaran 2024 Ojek Online Dan Kurir Paket Ditetapkan Berhak Dapat Thr

Video Mulai Lebaran 2024 Ojek Online Dan Kurir Paket Ditetapkan Berhak Dapat Thr

papar berkaitan - pada 19/3/2024 - jumlah : 169 hits
Kemnaker mengimbau perusahaan transportasi online hingga logistik untuk memberikan THR keagamaan Lebaran Idulfitri 2024
Gerakan Boikot Tunjuk Penyatuan Pengaruh Kuat Pengguna Islam Ppim Harian Metro 18 03 2024

Gerakan Boikot Tunjuk Penyatuan Pengaruh Kuat Pengguna Islam Ppim Harian Metro 18 03 2024

papar berkaitan - pada 19/3/2024 - jumlah : 298 hits
Kuala Lumpur Persatuan Pengguna Islam Malaysia menyokong gerakan boikot oleh pengguna Muslim terhadap perniagaan yang melakukan penghinaan terhadap kesucian Islam menerusi penggunaan kalimah Allah SWT atau lain lain cara Ketua Aktivisnya Da...
Foto Mengintip Sibuknya Kpu Rampungkan Rekapitulasi Suara Pemilu 2024 Untuk 4 Provinsi Terakhir

Foto Mengintip Sibuknya Kpu Rampungkan Rekapitulasi Suara Pemilu 2024 Untuk 4 Provinsi Terakhir

papar berkaitan - pada 19/3/2024 - jumlah : 183 hits
Setelah merampungkan rekapitulasi suara di 4 provinsi terakhir ini KPU akan menetapkan pemenang Pemilu 2024
Polda Bali Tangani 509 Kasus Pencurian Di Awal 2024 Curanmor Paling Banyak

Polda Bali Tangani 509 Kasus Pencurian Di Awal 2024 Curanmor Paling Banyak

papar berkaitan - pada 19/3/2024 - jumlah : 205 hits
Untuk kasus curanmor paling banyak terjadi di wilayah hukum Polresta Denpasar
Foto Begini Suasana Gedung Kpu Jelang Penetapan Hasil Pemilu 2024 Pasukan Brimob Disiagakan

Foto Begini Suasana Gedung Kpu Jelang Penetapan Hasil Pemilu 2024 Pasukan Brimob Disiagakan

papar berkaitan - pada 19/3/2024 - jumlah : 182 hits
Saat ini KPU tengah merampungkan rekapitulasi perhitungan suara tingkat nasional untuk Pemilu 2024 di empat povinsi terakhir
Cuaca Panas Kering Hingga April 2024

Cuaca Panas Kering Hingga April 2024

papar berkaitan - pada 19/3/2024 - jumlah : 236 hits
Malaysia kini berada pada fasa akhir Monsun Timur Laut yang dijangka berterusan sehingga Mac 2024 dan ia adalah adalah fenomena berulang pada Feb hingga Mei setiap tahun Jaga kesihatan baik baik ya semua
Wordplay And Slang For Brand Name

Staycation Di Swiss Garden Kuantan Makbul

Kl Chinatown Festival 2024

Cultural Reasons Make Malaysians Target For Human Trafficking Says Firm

Hiburan Tahu Lah Minat Tapi Tak Perlu Follow Netizen Kecewa Lihat Pemakaian Daiyan Trisha

Seketika Di Tugu Negara

Cops Probing Into Foreigner S Death In Custody At Klia

Cikgu Bawa Trip Tadika Naik Kapal Terbang Dengan Kawan Kawan Pengalaman Baru Anak Anak


echo '';
Info Dan Sinopsis Drama Berepisod Lara Kasih Slot Samarinda TV3

Senarai Lagu Tugasan Konsert Minggu 2 Gegar Vaganza 2024 Musim 11

Keputusan Markah Peserta Konsert Minggu 1 Gegar Vaganza 2024 Musim 11

Senarai Lagu Tugasan Konsert Minggu 1 Gegar Vaganza 2024 Musim 11

Info Dan Sinopsis Drama Berepisod Dhia Kasyrani Slot Akasia TV3


Bitcoin Menghampiri Us 100 000 Mdapa Memberi Peringatan Kepada Pelabur Untuk Lebih Peka

Apa Itu Thyroid Tummy Punca Perut Buncit Yang Jarang Disedari

Topvision Daripada Pasaran Leap Ke Pasaran Ace Bursa Malaysia Securities Berhad

Pengalaman Stay Casabella Homestay Di Batam

Coffee Is For Closers The Motivational Phrase From Quot Glengarry Glen Ross

Coffee 2 0 Brewing The Future Of A Beloved Beverage