KUALA LUMPUR Oct 18 - Prime Minister Datuk Seri Anwar Ibrahim is set to table Budget 2025 in the Dewan Rakyat this afternoon, with a focus on three core narratives: people-centric policies, growth-driven initiatives, and a confidence-focused approach.
Shan Saeed, Global Chief Economist at Juwai IQI, shared his insights on Malaysia’s economic outlook in an interview with DagangNews, highlighting the anticipated trajectory of key sectors under the new budget.
Shan expressed optimism about Malaysia’s economic prospects, projecting a robust GDP growth rate of 5% to 6% in 2025.
He noted that the budget’s themes are designed to align with the government's efforts to maintain economic momentum, stimulate growth, and ensure stability in the macroeconomic landscape.
Key Sectors to Watch
Several industries are expected to benefit from Budget 2025, which will target support towards sectors that drive Malaysia's economic growth. Saeed identified the following sectors as key to the country's development:
- Integrated Circuit Technology (ICT) – The chip industry will be a significant driver of technological progress, supporting Malaysia's push towards a digital economy.
- Real Estate – The property sector is anticipated to gain traction, buoyed by sustained demand for development and investment opportunities.
- Oil, Gas, and Palm Oil – As cornerstones of Malaysia's economy, these sectors will continue to receive strategic support to maintain growth.
- Technology – In particular, data centers are expected to benefit from policies aimed at positioning Malaysia as a leading technology hub in the region.
- Manufacturing – The electrical and electronics (E&E) sector will remain a focal point, bolstering the country's manufacturing capabilities.
“These sectors will get support in Budget 2025,” Shan emphasized, underscoring the government's commitment to bolstering industries that are vital to Malaysia's economic progress.
Policy Consistency and Economic Confidence
Shan stressed the importance of maintaining policy consistency to drive economic confidence and sustain the growth trajectory.
"Policy consistency remains the key, and economic confidence is the main driver in the macroeconomic equation," he stated. He added that the budget would prioritize enhancing productivity and improving living standards, setting the stage for the post-budget period.
The economist highlighted the government's ongoing efforts to attract both domestic and foreign investment, which will help sustain economic momentum and ensure macroeconomic stability.
ASEAN’s Role in Regional Growth
Looking beyond Malaysia, Shan predicted that the ASEAN region would experience healthy economic growth over the next three to five years.
"The pivot of economic development has moved to ASEAN," he noted, pointing out that Malaysia and its neighbours are well-positioned to benefit from this shift in global economic dynamics.
As Prime Minister Anwar prepares to present Budget 2025 in the Dewan Rakyat, the focus on growth-driven, people-centric policies and consistent economic strategies is expected to strengthen Malaysia's economic position and boost investor confidence in the year ahead. - DagangNews.com
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