Malaysian Prime Minister Anwar Ibrahim has pledged to significantly reduce public debt by the end of this year, while the country’s finance ministry aims to lower the debt-to-GDP ratio from 64% to 60% over the next five years.
Kuala Lumpur (VNA) – Malaysian Prime Minister Anwar Ibrahim has pledged to significantly reduce public debt by the end of this year, while the country’s finance ministry aims to lower the debt-to-GDP ratio from 64% to 60% over the next five years.
According to Dr. Goh Lim Thye, a lecturer at the faculty of economics, University of Malaya, the Malaysian Government has been actively implementing measures outlined in the 2024 budget, but national debt remains at a high level.
From Goh’s perspective, as long as Malaysia maintains strong economic growth momentum and follows sound fiscal policies, the national debt can be managed in the medium and long term.
This year, the country’s economy has shown positive growth, recording a 4.2% increase in the first quarter and 5.9% in the second quarter. This success was attributed to increased household spending, the lowest unemployment rate since the pandemic, and sustained growth in the manufacturing sector, particularly in electrical and electronics industries. Additionally, Malaysia has focused on investing in emerging technologies such as electric vehicles (EVs) and artificial intelligence (AI).
Goh held that a high national debt does not necessarily indicate a poor economy.
๊ He said while national debt is an important indicator of economic performance, it is a relative measure. The key is whether a country can effectively manage and utilise borrowed funds for its development./.
Malaysian Prime Minister Anwar Ibrahim has submitted to the parliament a budget spending plan for 2025 worth 421 billion MYR (about 97 billion USD), the biggest in history, in efforts to accelerate the country’s journey to become an economic powerhouse in Asia and position it for sustainable growth and resilience.
Malaysia's Department of Statistics (DOSM) has reported that the country's information and communication technology (ICT) and e-commerce sectors generated 427.7 billion MYR (99.25 billion USD) in 2023, contributing 23.5% to its GDP.
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Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
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Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
