KUALA LUMPUR: A sum of RM393.8 billion or 19.9 per cent of gross domestic product (GDP) is allocated for Budget 2024, with a large chunk of the amount...
: A sum of RM393.8 billion or 19.9 per cent of gross domestic product is allocated for Budget 2024, with a large chunk of the amount going to three ministries, Finance, Education and Health, collectively accounting for 42.3 per cent of the total.
“For 2023, the revised OE is anticipated to increase by 2.5 per cent to RM300.1 billion or 16.2 per cent of GDP, predominantly due to higher subsidy outlays for electricity and cooking oil, cleaning and security services for schools as well as initiatives under the Ekonomi Madani framework,” it said.
“While there is a higher allocation for emoluments, debt service charges , retirement charges as well as supplies and services, the increases are offset by a lower subsidy allocation, causing only a slight increase in OE by 1.2 per cent as compared to 2023,” the ministry shared. Additionally, the allocation for subsidies and social assistance, accounting for 17.4 per cent of OE, is projected to decrease by 17.9 per cent to RM52.8 billion, primarily due to the gradual implementation of subsidy rationalisation programmes mainly on fuel and electricity.
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