The eight economic stimulus packages rolled out by the government to mitigate the economic impact unleashed by the Covid-19 pandemic helped stabilise the nation’s the economy.
Prime Minister Datuk Seri Ismail Sabri Yaakob said the country’s economy is showing signs of recovery now when its growth domestic product (GDP) grew by 16.1 per cent during the second quarter of this year.
In his speech at the tabling of the 12th Malaysia Plan (12MP) in Dewan Rakyat today, Ismail Sabri said the country’s economy rebounded after its GDP shrunk for four consecutive quarters.
“Alhamdulliah (Thankful God), eight assistance and stimulus packages introduced since Mar 27 last year successfully stabilised the nation’s economy,” said Ismail Sabri.
Earlier in his speech, he revealed the pandemic had affected the government’s financial position.
This, he said, was reflected when the country’s fiscal deficit expanded by 6.2 per cent to the national GDP last year.
“We received many proposals not only from among the public but also from members of Parliament and state governments.
“However, since the demand to protect the lives and livelihood were tremendous in 2020 and this year, the avenue to implement development projects is very limited. This situation is expected to continue next year.
“The allocation for government development project is (to provide) more focus on continuity of the projects.
“Insya-Allah (God Willing), we expect the financial position of the government to be better in 2023 when our economy becomes stronger,” he said.
On the 12MP, Ismail Sabri said the five-year-long plan outlined strategies and initiative in determining the priority by the government in implementing development programmes and project.
“The 12MP, which I tabled today, is a complement to the National Recovery Plan, aimed at restoring the country’s economic growth momentum and achieve our long-term development objective,” he said. – BERNAMA/NST ONLINE
