: The government would be able to meet its debt obligation following the gradual reopening of the economy and the revitalisation of domestic consumption, said the Finance Ministry .
“Coupled with the systematic roll-out of the National Covid-19 Immunisation Programme, targeted forward measures and strict adherence to standard operating procedures , Malaysia’s economy is firmly moving towards recovery and revitalisation this year,” he said. He added that the government is currently focused on jump-starting the economy as well as addressing structural issues for socio-economic growth and resilience.
For instance, he said Malaysia’s swift and proactive policy response - through four economic stimulus packages amounting to RM305 billion – helped reduce unemployment to to 4.9% in January 2021 from 5.3% in May 2020. “As a result, the fiscal deficit increased to 6.2% of gross domestic product in 2020, albeit lower than the average deficit for emerging market and middle-income economies of 10.3% as well as lower than the 6.7% deficit recorded at the height of the Global Financial Crisis in 2009,” he said.
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