Malaysia Economic Growth
Malaysia Economic Growth
At independence from the UK in 1957, Malaysia had a population of just 7.4 million. Its population has since grown swiftly. 2005 the country had around 26.8 million people and the current estimation is that it will rise by 2010 to around 29 million. Before Independence, Malaysia was a low‐income economy. Business enterprises were small scale, largely localized, and primarily family‐based. Over time, the economy has diversified beyond agriculture and primary commodities, such that manufactured goods show account for a larger share of GDP and total exports.
Since 1970, Malaysia has based its economic development strategy on three long‐term policies: the New Economic Policy (NEP), 1970–90, the National Development Policy (NDP), 1990–2000, and the National Vision Policy (NVP),2001‐2010. Although the emphasis in these long‐term development policies has always been on economic growth, Malaysian development intends to benefit all groups or communities in society in an equitable manner. The overriding objective of the NEP, maintained in the NDP and the NVP, was to preserve national unity by eradicating poverty irrespective of race, and by restructuring Malaysian society to reduce the identification of race with economic function and geographical location. Growth with equity continues to be the guiding development strategy. Malaysia has evolved now as a developing multi-sector economy
Prime Minister Abdullah, after coming to power in 2003, has tried to develop economy of this south Asian country by introducing value added production. He took a number of measures to introduce hi-tech technologies and encouraged investments in high technology industries, medical technology and pharmaceuticals.
Government of Malaysia has made efforts to stop its dependence on export products. Exports of electronics goods have always been a major factor in Malaysia economy. Huge profit accrued from export of oil and gas and it has been a big factor for
At independence from the UK in 1957, Malaysia had a population of just 7.4 million. Its population has since grown swiftly. 2005 the country had around 26.8 million people and the current estimation is that it will rise by 2010 to around 29 million. Before Independence, Malaysia was a low‐income economy. Business enterprises were small scale, largely localized, and primarily family‐based. Over time, the economy has diversified beyond agriculture and primary commodities, such that manufactured goods show account for a larger share of GDP and total exports.
Since 1970, Malaysia has based its economic development strategy on three long‐term policies: the New Economic Policy (NEP), 1970–90, the National Development Policy (NDP), 1990–2000, and the National Vision Policy (NVP),2001‐2010. Although the emphasis in these long‐term development policies has always been on economic growth, Malaysian development intends to benefit all groups or communities in society in an equitable manner. The overriding objective of the NEP, maintained in the NDP and the NVP, was to preserve national unity by eradicating poverty irrespective of race, and by restructuring Malaysian society to reduce the identification of race with economic function and geographical location. Growth with equity continues to be the guiding development strategy. Malaysia has evolved now as a developing multi-sector economy
Prime Minister Abdullah, after coming to power in 2003, has tried to develop economy of this south Asian country by introducing value added production. He took a number of measures to introduce hi-tech technologies and encouraged investments in high technology industries, medical technology and pharmaceuticals.
Government of Malaysia has made efforts to stop its dependence on export products. Exports of electronics goods have always been a major factor in Malaysia economy. Huge profit accrued from export of oil and gas and it has been a big factor for
References: Malaysia Economic Outlook http://www.mier.org.my/outlook/ Malaysian Foreign Direct Investment and Growth : Does stability matter? http://www.library.sesrtcic.org/files/article/201.pdf Economic Growth and development in Malaysia www.growthcommission.org/storage/cgdev/.../gcwp027web.pdf Malaysia- European community strategy paper eeas.europa.eu/malaysia/csp/07_13_en.pdf Malaysia Economic Monitor http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/EASTASIAPACIFICEXT/MALAYSIAEXTN/0,,contentMDK:22900672~pagePK:141137~piPK:141127~theSitePK:324488,00.html