Despite the challenging external environment, including moderate global growth and declining commodity prices, the Malaysian economy remains intact and is expected to register a Gross Domestic Product (GDP) growth of between 4.5 and 5.5 per cent in 2015 (2014:6 per cent), supported by domestic economic activity.

Malaysia's current account is expected to post a surplus in the range of 0.5 per cent to 1.5 per cent of Gross National Income (GNI) as compared to a surplus of 1.5-2.5 per cent expected this year.

Following are highlights of the 2015/2016 Economic Report issued by the Finance Ministry in conjunction with the tabling of the 2016 Budget today by Prime Minister Datuk Seri Najib Tun Razak, who is also Finance Minister.

The 2016 Budget, to be unveiled tomorrow by Prime Minister Datuk Seri Najib Tun Razak, will likely revolve around strategies to transform the country into a developed and high-income economy by 2020.

Whether a person succeeds or fumbles in life depends very much on whether he knows how to effectively leverage on his limited resources.

The government has had to make some "hard" decisions, such as removal of fuel subsidies and introduction of the Goods and Services Tax (GST), to enable the country to achieve a balanced budget.

Abdul Wahid Omar hints that the government will not lower the 6% GST rate in 2016 Budget.

With party interest above national interest, and with the opposition itself now in disarray, it is unlikely for a vote of no confidence to get its way.

The upcoming Budget 2016 will likely be a "Budget of Consolidation", given the many constraints domestically and externally, says Asli Centre of Public Policy Studies Chairman, Tan Sri Ramon Navaratnam.