
REFSA Notes #1_Oct 2025: REFSA’S PRE-BUDGET 2026 STATEMENT, THE DENOMINATOR MATTERS MORE
By Lim Li Lian READ ARTICLE HERE Over the years, Putrajaya’s budgets have largely adhered to economic orthodoxy—loosening the purse strings when growth falters and tightening them when the economy hums. Countercyclicality, in other words, is not the problem. The…