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Find one article about fiscal policy in Malaysia. The article must be from a local newspaper or magazine and dated between January 2019 and January 2022. Summarize the chosen article and highlight the important fiscal instruments used by the government. Discuss the impacts of the government’s actions towards achieving the country’s long-term macroeconomic goals.

i) Summary of the chosen article and highlights of fiscal instruments used
ii) Explanation of the impacts of the government's actions towards achieving macroeconomic goals
iii) Suggestions to attain macroeconomic goals using fiscal policies in Malaysia
iv) Summary
v) References

Answer :

The preparation for Malaysia's fiscal strategy in 2022 is examined in this article. The government's initiatives to address issues including poor private investment, low wages, and limited services as a result of the COVID-19 epidemic are the main emphasis of this report.

Article: “Fiscal Policy – Malaysia’s Planning for 2022”, The Star, January 2021

The government understands the necessity of improving public financial management through income growth, deficit management, and public debt reduction. The article looks further into the government's plans for achieving its economic objectives, including tax reforms, cuts to welfare programs, and other budgetary measures to counteract the decline in tax revenue and economic activity.

The government's initiatives to boost the economy are also highlighted by the increasing debt-to-GDP ratio, greater inflation rate, and wider availability of credit, among other microeconomic indicators.

The government has implemented a number of fiscal policies, with direct and indirect taxation, government spending, strict monetary policy, and exchange rate adjustments serving as its key fiscal instruments. GST and income taxes are examples of direct taxes, whereas taxes on imported and exported commodities are examples of indirect taxes.

In order to attain macroeconomic objectives like low inflation, high employment, and higher national productivity, the government's fiscal policy is created to decrease the budget deficit while fostering economic growth. The government will be able to keep a balanced budget by eliminating ineffective levies and scaling back welfare programs.

Fiscal policies in Malaysia can be used to suggest ways to achieve macroeconomic goals, including lowering taxes like income taxes, extending welfare programs, increasing government spending, and implementing macroeconomic reforms.

In order to accomplish its long-term macroeconomic goals, Malaysia is working to tighten its fiscal policies. To manage public finances, boost the economy, and increase revenue, the government has implemented a number of fiscal mechanisms.

References

The Star. (2021, January). Fiscal Policy – Malaysia’s Planning for 2022. Retrieved from

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