Malaysia’s government will push its budget deficit to the highest in five years, upending expectations of modest spending growth, and will hike taxes and draw more income from the state oil company to help plug the shortfall, Bloomberg reports. The Edge Markets reported that Standard Chartered Bank Malaysia Bhd is encouraged by the measures of government to promote growth, attract investment, reduce cost of mega projects, and the focus on private-public partnerships to drive the economy. However, many analysts are concerned about Malaysia’s ballooning budget deficit. Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew told SunBiz that the rating agencies are always “very mindful” of the deficit position, when Malaysia is grappling with big financial constraints with expenses growing rapidly than revenue expansion.