2022 Budget: Expansionary, Pro-Growth, Transformational

29 October 2021

2022 Budget and Economic Prospects

  • The Budget seeks to secure a firmer recovery, enhance economic resilience and reform for medium-term growth sustainability.

  • Ministry of Finance expects the economy to expand strongly (5.5-6.5%) in 2022, underpinned by:

    i. Strong private consumption and a robust rebound in public investment in tandem an expansionary Budget

    ii. However, private investment remains cautious and slower exports


2022 Budget – Measures and Initiatives

  • Another year of expansionary 2022 Budget

  • FOR RAKYAT: Financial assistance and personal tax relief to ease financial burden of targeted households. Job hiring assistance and retraining

  • FOR BUSINESSES AND INVESTMENT: Specific measures to spur investment; financing mechanism and credit facilities for SMEs; allocation for public infrastructure and utilities

  • FOR GROWTH AND BUSINESS SUSTAINABILITY: Digitalisation, automation, 5G infrastructure, Green initiatives and Environmental, Social and Governance (ESG)

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