Madani Economy plan may be a precursor to Budget 2024
KUALA LUMPUR - Prime Minister Datuk Seri Anwar Ibrahim’s Madani Economy may be a precursor to a more detailed targeted subsidy plan in the upcoming Budget 2024, and worth paying close attention to in the months ahead.
In a research note, CGS-CIMB Securities Sdn Bhd said the Madani Economy outlines socio-economic initiatives through raising economic complexity, creating a conducive investment environment and enhancing economic resilience, while prioritising social aspects through equitability, raising social protection and improving social mobility.
It said the Madani Economy forms the basis for upcoming plans, including the New Industrial Master Plan 2030 in August, the midterm review of the 12th Malaysia Plan in September and Budget 2024 in October.
"These announcements will provide a clearer view of the government’s policy direction and, if well received, could be a catalyst for better ringgit performance.
"We make no changes to our 2023 gross domestic product (GDP) forecast of 4.6 per cent year-on-year (y-o-y) and 2024 GDP forecast at 4.6 per cent,” it said.
Meanwhile, Malacca Securities Sdn Bhd said the local bourse remained upbeat following the launch of the Madani Economy framework and the National Energy Transition Roadmap to boost the Malaysian economy.
"We gather that several initiatives such as allowing the trading of smaller size lots and fractional shares as well as enabling automatic transitions for companies listed on the ACE Market to the Main Market will boost trading interest within Bursa Malaysia,” it said in a note today. - BERNAMA
