2021 马来西亚预算方案：关注经济复苏 - 星展银行（英文版）.pdf

1、 ed: KK/ sa: WMT, PY, CS Focus on economic revival E Expansionary budget to xpansionary budget to mitigate the impact of COVIDmitigate the impact of COVID- -1919 Extensive soExtensive social assistance and financial aidcial assistance and financial aid to alleviate financial burden to alleviate fina

2、ncial burden End of End of speculation on potential speculation on potential windfall tax windfall tax for for glove playersglove players EndEnd- -2020 KLCI 2020 KLCI target of 1,600 based on 18x CY21 earningstarget of 1,600 based on 18x CY21 earnings Top picks: TOPG, HART, TM, GAM, TDC, IJM, VSTop

3、picks: TOPG, HART, TM, GAM, TDC, IJM, VSI I, , MQREITMQREIT Rebuilding the economy. The first budget presented by the Perikatan Nasional government focuses on reviving the pandemic-hit economy, prioritising expenditure on healthcare, social welfare and economic sustainability to alleviate the financ

4、ial burden during the COVID-19 pandemic. The RM322.5bn (+2.5% y-o-y) total expenditure for Budget 2021 is also the largest in the countrys history. Notably, 2021 net development expenditure is expected to increase by 39% to RM68.2bn, while key operating expenses such as emoluments (+2.3%) and retire

5、ment charges (+2.0%) and debt service charges (+11.6%) will result in 4.3% growth in operating expenses, outpacing projected revenue growth of 4.2% in 2021. Unsurprisingly, the 2021 budget deficit will remain elevated at 5.4%, compared to 6% in 2020 (revised from 3.2%). As at September 2020, governm

6、ent debt accounted for 60.7% of our gross domestic product (GDP) (vs 52.5% in 2019). Improvement expected in 2021. GDP is expected to decline by 4.5% in 2020 before expanding by 6.5%-7.5% in 2021. Budget 2021 places strong emphasis on the wellbeing of the people. 2021 is expected to be a transition