Fitch Solutions sees Malaysia on track for fiscal consolidation

STORY: Fitch Solutions sees Malaysia on track for fiscal consolidation DATELINE: Oct. 12, 2022 LENGTH: 00:01:09 LOCATION: Kuala Lumpur CATEGORY: ECONOMY SHOTLIST: 1. various of Kuala Lumpur city center view 2. various shots of street views with cars on road 3. drone shots of Kuala Lumpur city center STORYLINE: Following the unveiling of Malaysia's Budget 2023 last Friday, Fitch Solutions on Tuesday maintained a fiscal deficit forecast for the country at 6.1 percent of gross domestic product (GDP) in 2022 and 5.6 percent of GDP in 2023. "This implies that we expect the budget shortfall to come in wider than the government's latest projections for 2022, but roughly similar for 2023," the research house said in a statement. With revenue projected to be at 272.6 billion ringgit (58.35 billion U.S. dollars) in 2023, the Malaysian government expects to register a budget deficit of 99.1 billion ringgit (21.21 billion dollars), equivalent to 5.5 percent of GDP, smaller than the revised deficit projection of 5.8