The 2023 budget requests from Malaysian trade groups include battling inflation and the labor shortage.

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Last Updated on September 24, 2022 by Bitfinsider

The presentation of the nation’s 2023 budget will be widely observed and scrutinized as Malaysia’s general election approaches.

The budget’s original due date of October 28 was moved up three weeks to October 7, leading to rumors that the parliament will be dissolved soon after to make space for the election.

The decision was supported by the prime minister Ismail Sabri Yaakob, who said that it was not unusual because the budget had previously been presented in September.

Although the 15th general election isn’t scheduled to take place until September of next year, United Malays National Organisation (UMNO) president Ahmad Zahid Hamidi has been pressuring vice president Mr. Ismail Sabri to call an early election.

The move from recovery to reform measures is a primary priority for the 2023 budget in compared to the 2022 budget, according to a pre-budget statement from the Ministry of Finance on June 3.

As a result of the COVID-19 epidemic, which resulted in several lockdowns and economic disruptions, people and companies are still feeling the repercussions. CNA consulted with a number of trade and consumer organisations to learn about their priorities for the upcoming fiscal year.

They anticipated help with mechanization and digitization and hoped the government would handle inflation and the labor crisis.

According to an economist, since elections are predicted to be held soon, the 2023 budget is expected to be generous and full of gifts and freebies.

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