Bleak outlook

4.15pm: Anwar paints a bleak outlook for 2023, noting that the global economic growth is expected to slow to 2.3 percent.

As for Malaysia, he says the country grew by 8.7 percent in 2022 due to a low base in 2021.

However, he notes that quarter-on-quarter growth has been reducing from 3.8 percent to 3.5, 1.9, and -2.9 over the course of 2021.

Nevertheless, the government projects the Malaysian economy to grow by 4.5 percent in 2023.

The finance minister reveals that Malaysia’s debts and liabilities stood at RM1.5 trillion - around 81 percent of gross domestic product (GDP).

Around RM46 billion was used to pay debts alone. This amounts to 16 percent of government revenue - above the 15 percent limit.

“That is just to serve interest payments, not the principle,” said Anwar.