Peter and Adam discuss Malaysia’s impressive economic development. Malaysia is one of the fastest-growing economies in Southeast Asia, boasting a dynamic, state-oriented free market system. Despite a setback during the 1997-98 Asian financial crisis, the country’s GDP per capita increased from $6,800 in 1990 to $29,400 in 2017. Malaysia ranked 25th globally in the World Economic Forum’s 2016 Global Competitiveness Report and 23rd in the 2017 Index of Economic Freedom. Rich in natural resources like tin, rubber, palm oil, and petroleum, Malaysia has also seen rapid industrial development, becoming a stable and emerging market. International memberships in ASEAN, D-8, and G-15 have helped transition Malaysia from an agrarian society to a tech-driven industrial hub. By 2007, Malaysia had a trade surplus, and as of 2017, the GDP per capita was $9,813 with a 3.4% unemployment rate. The New Economic Policy of 1971 aimed to reduce ethnic disparities by favoring Malays in business and education. SMEs play a crucial role in the economy, supported by government initiatives, although traditional family businesses face modernization challenges. The Malaysian Ringgit, pegged to the US dollar after the 1997 crisis, was later liberalized in 2005. As of 2024, Malaysia continues to diversify its economy, with significant investments in technology and services.
#Malaysia #EconomicGrowth #SoutheastAsia #GlobalCompetitiveness #IndustrialDevelopment #NaturalResources #EconomicPolicy