(MENAFN) The ongoing drama of falling oil prices has forced Malaysia to revise its projection on economic growth for this year to between 4-4.5 percent, according to the latest reports.
Accordingly, a series of well-studied measures will be applied in the new budget, like boosting the tourism sectors, more cautious government spending and improving public welfare.
Furthermore, the nation will keep the goal of a fiscal deficit target of 3.1 percent to GDP, while retaining the national debt level not exceed the prudent level of 55 percent to GDP.
"Malaysia was not alone in facing the economic challenges, and the local economy continues to be resilient, capable of facing global uncertainties," said the Ministry of Finance.
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