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KUALA LUMPUR: The government will prioritize youth as one of the target groups in the 2021 budget, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
“Various measures to sustain youth in Malaysia will be explored,” he said during the 2020 corporate scholarship award ceremony at the Ministry of Youth and Sports in Putrajaya.
Also present was the Minister of Youth and Sports, Datuk Seri Reezal Merican, Naina Merican.
The government has allocated RM3.5 billion for various initiatives under the Prihatin Rakyat Economic Stimulus Package (Prihatin) and the National Economic Recovery Plan (Penjana) in an effort to empower youth.
Initiatives that directly impact this group include the Hiring Incentive Program of RM 1.5 billion and the Retraining and Skills Enhancement Programs, which involves an additional allocation of RM 2 billion.
Tengku Zafrul said that the implementation of Prihatin and Penjana would help stimulate the labor market and therefore the economy of the country.
“We have seen the unemployment rate fall from 5.3 percent in May to 4.9 percent in June and more to 4.7 percent in July after the implementation of the Salary Subsidy Program and the Employment Retention Program.
“Alhamdulillah (praise God), other economic indicators are also reflecting an economic recovery,” he said.
Tengku Zafrul said the country’s economy was gradually recovering since the resumption of economic activities in May and the momentum was expected to continue in the second half of this year.
According to Bank Negara Malaysia, the economic growth projection for 2020 has been revised to between -5.5% and -3.5%.
By 2021, the economy is forecast to expand between 5.5% and 8.0%.
Tengku Zafrul said that projected growth rates for 2021 reflect strong signs of improvement for the Malaysian economy.
“However, to achieve positive growth next year, we must continue to adhere to standard operating procedures to contain the Covid-19 pandemic.
“At the same time, the government will continue to protect the rakyat and businesses by alleviating cash flow concerns and providing necessary support,” he added.Named
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