M'sia likely to be affected by global recession in 2023, says minister

KUALA LUMPUR - Finance minister Datuk Seri Tengku Zafrul Aziz says the country's economy is expected to face challenges next year as the ministry's gross domestic product (GDP) is expected to be lower than earlier predictions.

He said Malaysia is likely to be affected by global recession next year.

"The International Monetary Fund (IMF) and World Bank has lowered their forecast for 2023.

"GDP growth is expected to be positive between two to three percent," he said to the reporters during media conference at the House of Parliament.

Zafrul also hopes the budget announced today would focus next year's recession.

Today, Zafrul tabled the 2023 Budget themed "Keluarga Malaysia, Prospering Together", with an allocation of RM372.3 billion.

The budget looks at 3R - Responsive, Responsible and Reformist.