Economists concerned over EPF withdrawal, fiscal consolidation projections

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BUDGET 2021 | Economists have expressed concern over the Budget 2021 proposal to allow struggling Employees’ Provident Fund (EPF) contributors to withdraw up to RM500 a month from their retirement savings.In addition, while they lauded additional healthcare funding, some questioned if the government will be spending enough to stimulate the Covid-19 stricken economy.Speaking to Malaysiakini, here are comments from three economists on yesterday’s Budget speech:Hafiz Noor Shams, economist and visiting fellow at think-tank RefsaI think Budget 2021 is a bit too optimistic about its projections.The deficit projection for 2020 is six percent; that is a little too low. If we compare to (after the 2008 Global Financial Crisis) in 2009 which was less severe, the deficit was much, much higher (6.7 percent) then. I think it should be higher, but the government is not setting it higher.On …