Question 2Answer for (a) QUESTION 2Budget 2021: Malaysia awaits 'most important budget ever'PUTRAJAYA: Malaysia will table its "most important" annual budget on Friday, withpreserving people's lives and livelihoods, and the economy topping the priority,according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. TengkuZafrul is hopeful of a good recovery next year, although that would hinge on how thegovernment manages the double whammy of economic and health crises."I think this is the most important budget in our history. It will be different from theprevious ones because we are going through the worst crisis. It's a combination ofeconomic crisis and health crisis. The whole world is facing the same problem. Thisbudget is very crucial because 2021 is the year we hope we can show some goodrecovery. But it all depends on how we manage the crisis," he said in an interview withthe New Straits Times on Monday.Tengku Zafrul said next year's budget would likely be bigger than the 2020 Budget as thegovernment planned to allocate more for development expenditure (DE) to create agreater multiplier effect over the long term. For 2020, the government allocated a total ofRM297 billion for the federal budget, RM241 billions of which was for operatingexpenditure (OE) and RM56 billion for DE. The 2020 Budget is the second largest since2011."Next year's budget will be different because its focus is going to save the rakyat and theeconomy. The focus is on people's lives and livelihoods because of the crisis that we aregoing through. Typically, budget is defined as allocation but this time, it is a combinationof how we find solutions and grow the economy during the Covid-19 crisis." He addedthat the expectation was high as a lot of people had been affected by the crisis."We need to make sure that our economy remains intact and people stay safe. We have tofind ways to balance these two. We have seen some good recovery, but what is importantnow is that we sustain this and the only way to do this is to contain Covid-19 cases."Tengku Zafrul said so far, the government had introduced four "mini budgets" oreconomic stimulus packages. They are Prihatin, additional Prihatin SME EconomicStimulus Package, Penjana, and Kita Prihatin, involving a fiscal injection of RM55billion by the government which is almost the same size as the DE under the 2020Budget. Tengku Zafrul also called for more cooperation from the private sector to helpcombat the crisis."Our message is clear. The government will not compromise when it comes to saving therakyat and the economy. This is the time for everyone to work together. I have mentionedabout GLCS (government-linked companies) and GLICS (government-linked investmentcompanies) helping to rebuild the economy. I believe the private sector should join in,too, for the country's sake since we already commit the GLCS and GLICS."He said to be fair, some in the private sector had already contributed. In Prihatin andPenjana stimulus packages, telcos have provided free Internet valued at RM600 million.Tenaga Nasional Bhd, together with the government, offers a discount for electricity billsvalued at RM1.8 billion.The main storyline here is for the government to do everything to save what we havetoday. When the economy is back on its growth path, we need to make sure that the baseis still there, the capacity is still there for strategic industries to restart. For the rakyat, weneed to make sure that these industries can create jobs and that is the key to economicrecovery."Adapted from: The New Straits Times, 4 November 2020Required:Based on the above article, discuss how the government budget for 2021 can bringhigh economic growth to counter the economic impact of the Covid-19 crisis.a.

From the above given passage we can infer the following points:

Budget 2021: Malaysia await most important budget ever PUTRAJAYA: Malaysia will table its "most important" annual budget on Friday, with preserving people's lives and livelihoods, and the economy topping the priority according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. Tengku Zafrul is hopeful of a good recovery next year, although that would hinge on how the government manages the double whammy of economic and health crises. "I think this is the most important budget in our history. It will be different from the previous ones because we are going through the worst crisis. It's a combination o

Budget 2021: Malaysia await most important budget ever PUTRAJAYA: Malaysia will table its "most important" annual budget on Friday, with preserving people's lives and livelihoods, and the economy topping the priority according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. Tengku Zafrul is hopeful of a good recovery next year, although that would hinge on how the government manages the double whammy of economic and health crises. "I think this is the most important budget in our history. It will be different from the previous ones because we are going through the worst crisis. It's a combination o

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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