![GDP per capita development of Malaysia](https://upload.wikimedia.org/wikipedia/commons/f/f7/GDP_per_capita_development_of_Malaysia.svg)
Since its
formation
Formation may refer to:
Linguistics
* Back-formation, the process of creating a new lexeme by removing or affixes
* Word formation, the creation of a new word by adding affixes
Mathematics and science
* Cave formation or speleothem, a secondar ...
in 1963, Malaysia's economic performance has been one of Asia's best. Real
gross domestic product
Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjec ...
(GDP) grew by an average of 6.5% per year from 1957 to 2005. Performance peaked in the early 1980s through the mid-1990s, as the economy experienced sustained rapid growth averaging almost 8% annually. High levels of foreign and domestic private investment played a significant role as the economy diversified and modernised. Once heavily dependent on primary products such as
rubber
Rubber, also called India rubber, latex, Amazonian rubber, ''caucho'', or ''caoutchouc'', as initially produced, consists of polymers of the organic compound isoprene, with minor impurities of other organic compounds. Thailand, Malaysia, and ...
and
tin
Tin is a chemical element with the symbol Sn (from la, stannum) and atomic number 50. Tin is a silvery-coloured metal.
Tin is soft enough to be cut with little force and a bar of tin can be bent by hand with little effort. When bent, t ...
, Malaysia today is an upper middle-income country with a multi-sector economy based on
services
Service may refer to:
Activities
* Administrative service, a required part of the workload of university faculty
* Civil service, the body of employees of a government
* Community service, volunteer service for the benefit of a community or a pu ...
and
manufacturing
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy. The term may refer to a r ...
. Malaysia is one of the world's largest exporters of
semiconductor component
A semiconductor device is an electronic component that relies on the electronics, electronic properties of a semiconductor material (primarily silicon, germanium, and gallium arsenide, as well as organic semiconductors) for its function. Its co ...
s and devices,
electrical goods,
solar panel
A solar cell panel, solar electric panel, photo-voltaic (PV) module, PV panel or solar panel is an assembly of photovoltaic solar cells mounted in a (usually rectangular) frame, and a neatly organised collection of PV panels is called a photo ...
s, and information and communication technology (
ICT) products.
Early and colonial history
The
Malay Peninsula
The Malay Peninsula (Malay: ''Semenanjung Tanah Melayu'') is a peninsula in Mainland Southeast Asia. The landmass runs approximately north–south, and at its terminus, it is the southernmost point of the Asian continental mainland. The area ...
and has been a centre for trade for centuries. Various items such as
porcelain
Porcelain () is a ceramic material made by heating substances, generally including materials such as kaolinite, in a kiln to temperatures between . The strength and translucence of porcelain, relative to other types of pottery, arises mainl ...
and spice were actively traded even before
Malacca
Malacca ( ms, Melaka) is a state in Malaysia located in the southern region of the Malay Peninsula, next to the Strait of Malacca. Its capital is Malacca City, dubbed the Historic City, which has been listed as a UNESCO World Heritage Site si ...
and Singapore rose to prominence. The Malacca Sultanate controlled the
Straits of Malacca
The Strait of Malacca is a narrow stretch of water, 500 mi (800 km) long and from 40 to 155 mi (65–250 km) wide, between the Malay Peninsula (Peninsular Malaysia) to the northeast and the Indonesian island of Sumatra to the southwest, connec ...
from its founding in 1402 to the 1511 invasion by Portugal. All the trade in the Straits, and especially the
spices
A spice is a seed, fruit, root, Bark (botany), bark, or other plant substance primarily used for flavoring or coloring food. Spices are distinguished from herbs, which are the leaves, flowers, or stems of plants used for flavoring or as a garni ...
from the
Celebes
Sulawesi (), also known as Celebes (), is an island in Indonesia. One of the four Greater Sunda Islands, and the world's eleventh-largest island, it is situated east of Borneo, west of the Maluku Islands, and south of Mindanao and the Sulu A ...
and the
Moluccas
The Maluku Islands (; Indonesian: ''Kepulauan Maluku'') or the Moluccas () are an archipelago in the east of Indonesia. Tectonically they are located on the Halmahera Plate within the Molucca Sea Collision Zone. Geographically they are located eas ...
, moved under its protection and through its markets.
In the 17th century,
porcelain
Porcelain () is a ceramic material made by heating substances, generally including materials such as kaolinite, in a kiln to temperatures between . The strength and translucence of porcelain, relative to other types of pottery, arises mainl ...
and spices were found in several
Malay states
The monarchies of Malaysia refer to the constitutional monarchy system as practised in Malaysia. The political system of Malaysia is based on the Westminster parliamentary system in combination with features of a federation.
Nine of the states ...
and were actively traded. Large deposits of
tin
Tin is a chemical element with the symbol Sn (from la, stannum) and atomic number 50. Tin is a silvery-coloured metal.
Tin is soft enough to be cut with little force and a bar of tin can be bent by hand with little effort. When bent, t ...
were found in several
Malay states
The monarchies of Malaysia refer to the constitutional monarchy system as practised in Malaysia. The political system of Malaysia is based on the Westminster parliamentary system in combination with features of a federation.
Nine of the states ...
. Later, as the
British
British may refer to:
Peoples, culture, and language
* British people, nationals or natives of the United Kingdom, British Overseas Territories, and Crown Dependencies.
** Britishness, the British identity and common culture
* British English, ...
started to take over as administrators of
Malaya
Malaya refers to a number of historical and current political entities related to what is currently Peninsular Malaysia in Southeast Asia:
Political entities
* British Malaya (1826–1957), a loose collection of the British colony of the Straits ...
, rubber and palm oil trees were introduced for commercial purposes. Instead of relying on local Malays as a source of labour, the British brought in Chinese and Indians to work in the mines and plantations and provide professional expertise. Although many of them returned to their respective home countries after their agreed tenure ended, some remained in Malaysia and settled permanently. These three commodities along with other raw materials firmly set Malaysia's economic tempo well into the mid-20th century. As Malaya moved towards independence, the government began implementing economic five-year plans, beginning with the
First Malayan Five Year Plan The First Malayan Five-Year Plan (1956 – 1960) was the first economic development plan launched by the Malayan government just before independence in 1957. The colonial British government had concentrated available resources on fighting the ...
in 1955. Upon the establishment of Malaysia, the plans were re-titled and renumbered, beginning with the
First Malaysia Plan
The First Malaysia Plan (1966–1970) was an economic development plan implemented by the government of Malaysia. It was the first economic plan for the whole of Malaysia—Sabah and Sarawak included—as opposed to just Malaya, which previous e ...
in 1965.
Post-independence
Malaysia´s economic development was remarkable, given its troubled beginnings in the early 1960s and the ethnic partitions that were inherited from centuries of segmented economic development.
In the 1970s, Malaysia began to imitate the four
Asian Tiger
The Four Asian Tigers (also known as the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed East Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Between the early 1960s and 1990s, they underwent r ...
economies (South Korea, Taiwan, the then British Crown Colony of Hong Kong, and Singapore) and committed itself to a transition from being reliant on mining and agriculture to an economy that depends more on manufacturing. In the 1970s, the predominantly mining and agricultural based Malaysian economy began a transition towards a more multi-sector economy. Since the 1980s the industrial sector has led Malaysia's growth. High levels of investment played a significant role in this.
With Japanese investment, heavy industries flourished and in a matter of years, Malaysian exports became the country's primary growth engine. Malaysia consistently achieved more than 7% GDP growth along with low inflation in the 1980s and the 1990s.
Central planning has been a major factor in the Malaysian economy, as government expenditure was often used to stimulate the economy. Since 1955, with the commencement of the
First Malayan Five Year Plan The First Malayan Five-Year Plan (1956 – 1960) was the first economic development plan launched by the Malayan government just before independence in 1957. The colonial British government had concentrated available resources on fighting the ...
, the government has used these plans to intervene in the economy to achieve such goals as redistribution of wealth and investment in, for instance, infrastructure projects.
A legacy of the British colonial system was the division of Malaysians into three groups according to ethnicity. The Malays were concentrated in their traditional villages, focusing mainly on agricultural activities, while the Chinese dominated Malaysian commerce. Educated Indians took up professional roles such as those of doctors or lawyers, while the less better-off worked the plantations. Chinese businesses in Malaysia developed as part of the larger
bamboo network
The Bamboo network () or the Chinese Commonwealth () is a term used to conceptualize connections between businesses operated by the Overseas Chinese community in Southeast Asia. The Overseas Chinese business networks constitute the single most ...
, a network of
overseas Chinese
Overseas Chinese () refers to people of Chinese birth or ethnicity who reside outside Mainland China, Hong Kong, Macau, and Taiwan. As of 2011, there were over 40.3 million overseas Chinese.
Terminology
() or ''Hoan-kheh'' () in Hokkien, refe ...
businesses operating in the markets of Southeast Asia that share common family and cultural ties.
The
Reid Commission The Reid Commission was an independent commission responsible for drafting the Constitution of Malaysia, Constitution of the Federation of Malaya prior to Federation of Malaya, Malayan independence from the United Kingdom of Great Britain and Northe ...
which drafted the
Malaysian Constitution
The Federal Constitution of Malaysia ( ms, Perlembagaan
Persekutuan Malaysia) which was promulgated on 16 September 1963, is the supreme law of Malaysia and contains a total of 183 articles. It is a written legal document which was preceded ...
made a provision for limited
affirmative action through
Article 153, which gave the Malays special privileges, such as 60% of university entrance (quota). However, after the
May 13 incident of racial rioting in the federal capital of
Kuala Lumpur
, anthem = '' Maju dan Sejahtera''
, image_map =
, map_caption =
, pushpin_map = Malaysia#Southeast Asia#Asia
, pushpin_map_caption =
, coordinates =
, su ...
, the government initiated more aggressive programmes aimed at actively establishing a Malay entrepreneurial class through direct intervention in the economy, aimed at alleviating poverty. This was done with the controversial
New Economic Policy
The New Economic Policy (NEP) () was an economic policy of the Soviet Union proposed by Vladimir Lenin in 1921 as a temporary expedient. Lenin characterized the NEP in 1922 as an economic system that would include "a free market and capitalism, ...
(NEP).
Jomo Kwame Sundaram
Jomo Kwame Sundaram ( ta, ஜோமோ குவாமே சுந்தரம், Jōmō Kuvāmē Cuntaram) (born 1 December 1952), fondly known just as Jomo, is a prominent Malaysian economist. He is a senior adviser at the Khazanah Resea ...
. UNRISD
The United Nations Research Institute for Social Development (UNRISD) is "an autonomous research institute within the United Nations that undertakes multidisciplinary research and policy analysis on the social dimensions of contemporary develo ...
br>The New Economic Policy and Interethnic Relations in Malaysia
Its main objective was the elimination of the association of race with economic function, and the first five-year plan to begin implementing the NEP was the
Second Malaysia Plan
The Second Malaysia Plan (Malay language, Malay: ''Rancangan Malaysia Kedua'') was an Development economics, economic development economic policy, plan introduced by the Politics of Malaysia, government of Malaysia with the goal of implementing ...
. The success or failure of the NEP is the subject of much debate, although it was officially retired in 1990 and replaced by the
National Development Policy
The National Development Policy was a Malaysian economic policy introduced by Prime Minister Mahathir Mohamad. The objective was achieving economic growth, while ensuring that accrued benefits reached all sections of society. The National Developm ...
(NDP).
Current GDP per capita grew 31% in the Sixties and 358% in the Seventies, but this proved unsustainable and growth scaled back sharply to 36% in the Eighties. It rose again to 59% in the Nineties led primarily by export-oriented industries. This increase in GDP was brought about due to a shift from the traditional agricultural and resource based economy to one based on manufactured goods. From 1988 to 1996, Malaysia's economy expanded at 8 per cent, the second fastest after China, resulting in manufactured goods such as microchips and semiconductors making up 80 per cent of exports. Per capita income doubled from 1990 to 1996. Infrastructure projects were greatly increased in this time. Other countries looked to Malaysia at the time as an example for economic reform.
The rate of
poverty in Malaysia
Poverty in Malaysia is a controversial economic issue. The definition of poverty and the poverty line for Malaysians has been disputed, and government policies to address poverty such as the Malaysian New Economic Policy have been met with poli ...
also fell dramatically over the years. However, its precipitous drop has been questioned by critics who suggest that the poverty line has been drawn at an unreasonably low level. The rapid economic boom led to a variety of supply problems. Labour shortages soon resulted in an influx of millions of foreign workers, many illegal. Cash-rich
PLCs and consortia of banks eager to benefit from increased and rapid development began large infrastructure projects.
Tiger economy
Macro-economic trend
This is a chart of trend of gross domestic product of Malaysia at market prices estimated by the International Monetary Fund with figures in millions of Malaysian Ringgit.
For purchasing power parity comparisons, the US Dollar is exchanged at 1.71 Ringgit only. Mean wages were $6.95 per
man-hour
A man-hour (sometimes referred to as person-hour) is the amount of work performed by the average worker in one hour. It is used for estimation of the total amount of uninterrupted labor required to perform a task. For example, researching and wri ...
in 2009.
From 1988 to 1997, the Malaysian economy experienced a period of broad diversification and sustained rapid growth averaging 9% annually.
By 1999, nominal per capita GDP had reached $3,238. New foreign and domestic investment played a significant role in the transformation of Malaysia's economy. Manufacturing grew from 13.9% of GDP in 1970 to 30% in 1999, while agriculture and mining which together had accounted for 42.7% of GDP in 1970, dropped to 9.3% and 7.3%, respectively, in 1999. Manufacturing accounted for 30% of GDP (1999). Major products include electronic components – Malaysia is one of the world's largest exporters of
semiconductor devices
A semiconductor device is an electronic component that relies on the electronic properties of a semiconductor material (primarily silicon, germanium, and gallium arsenide, as well as organic semiconductors) for its function. Its conductivity li ...
– electrical goods and appliances.
During the same period, the government tried to eradicate poverty with a highly controversial race-based program called
New Economic Policy
The New Economic Policy (NEP) () was an economic policy of the Soviet Union proposed by Vladimir Lenin in 1921 as a temporary expedient. Lenin characterized the NEP in 1922 as an economic system that would include "a free market and capitalism, ...
(NEP). First established in 1971 following race riots, commonly known in Malaysia as the
May 13 Incident, it sought to eradicate poverty and end the identification of economic function with ethnicity. In particular, it was designed to improve the distribution of wealth among the country's population. The NEP formally ended in 1991, however, much of it remains in effect through other governmental policies.
The influx of foreign investment led to the
KLSE Composite index trading above 1,300 in 1994 and the Ringgit trading above 2.5 in 1997. At various times the KLSE was the most active exchange in the world, with trading volume exceeding even the
NYSE
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is by far the List of stock exchanges, world's largest s ...
. The stock
market capitalisation
Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders.
Market capitalization is equal to the market price per common share multiplied by t ...
of listed companies in Malaysia was valued at $181,236 million in 2005 by the
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Interna ...
.
Some of the more visible projects from that period are
Putrajaya
Putrajaya (), officially the Federal Territory of Putrajaya ( ms, Wilayah Persekutuan Putrajaya), is a planned capital city which functions as the administrative capital and the judicial capital of Malaysia. The seat of the federal government ...
, a new international airport (
Kuala Lumpur International Airport
Kuala Lumpur International Airport (KLIA) is Malaysia's main international airport. It is located in the Sepang District of Selangor, approximately south of Kuala Lumpur and serves the city's greater conurbation.
KLIA is the largest and b ...
), a
hydroelectric dam
Hydroelectricity, or hydroelectric power, is electricity generated from hydropower (water power). Hydropower supplies one sixth of the world's electricity, almost 4500 TWh in 2020, which is more than all other renewable sources combined and ...
(Bakun dam), the
Petronas Towers
The Petronas Towers, also known as the Petronas Twin Towers or KLCC Twin Towers, (Malay: ''Menara Berkembar Petronas'') are 88-storey supertall skyscrapers in Kuala Lumpur, Malaysia, standing at . From 1998 to 2003, they were officially design ...
and the
Multimedia Super Corridor
MSC Malaysia (formerly known as the Multimedia Super Corridor, and known as the MSC in Malaysia) is a Special Economic Zone and high-technology business district in central-southern Selangor, Malaysia.
Geographical definition
The MSC's northern ...
. Proposals that were eventually cancelled include the 95 km
Sumatra
Sumatra is one of the Sunda Islands of western Indonesia. It is the largest island that is fully within Indonesian territory, as well as the sixth-largest island in the world at 473,481 km2 (182,812 mi.2), not including adjacent i ...
–Malaysia bridge (would have been world's longest), the Mega International Sea and Air port on reclaimed land in
Kedah
Kedah (), also known by its honorific Darul Aman (Islam), Aman and historically as Queda, is a States and federal territories of Malaysia, state of Malaysia, located in the northwestern part of Peninsular Malaysia. The state covers a total area ...
(would have been world's biggest) and the KL Linear City (would have been the world's longest mall and the world's first city built over a river).
Concerns were raised during the time about the sustainability of the rapid growth and the ballooning current account. The mainstream opinion prevalent at that time was that the deficit was temporary and would reverse once imported equipment started producing for export. In spite of that, measures were taken to moderate growth especially when it threatened to overheat into the double digits. The main target was asset prices, and restrictions were further tightened on foreign ownership of local assets. Exposure of local banks to real estate loans were also capped at 20%.
As was widely expected, the current account deficit did narrow steadily, year to year, from 9% to 5% of GDP.
Malaysia has the largest operational stock of
industrial robot
An industrial robot is a robot system used for manufacturing. Industrial robots are automated, programmable and capable of movement on three or more axes.
Typical applications of robots include welding, painting, assembly, disassembly, pick a ...
s in the
Muslim world
The terms Muslim world and Islamic world commonly refer to the Islamic community, which is also known as the Ummah. This consists of all those who adhere to the religious beliefs and laws of Islam or to societies in which Islam is practiced. I ...
.
Malaysia's capital market crossed the RM2 trillion threshold for the first time at the end of 2010. The capital market had achieved an annual compounded growth rate of 11% from RM717bil in 2000 due to rapid economic expansion and strong regulatory oversight that underpinned investor confidence in the Malaysian capital market.
Asian financial crisis and recovery
One of the most significant events in the history of the Malaysian economy was the Asian financial crisis, which caused Malaysia's GDP to shrink from US$100.8 billion in 1996 to US$72.2 billion in 1998. The Malaysian economy's GDP did not recover to 1996 levels until 2003.
The year 1997 saw drastic changes in Malaysia. There was speculative short-selling of the Malaysian currency, the
ringgit
The Malaysian ringgit (; plural: ringgit; symbol: RM; currency code: MYR; Malay name: ''Ringgit Malaysia''; formerly the Malaysian dollar) is the currency of Malaysia. It is divided into 100 ''sen'' (formerly ''cents''). The ringgit is issued ...
.
Foreign direct investment
A foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct co ...
fell at an alarming rate and, as capital flowed out of the country, the value of the ringgit dropped from MYR 2.50 per USD to, at one point, MYR 4.80 per USD. The
Kuala Lumpur Stock Exchange The Kuala Lumpur Stock Exchange (KLSE; ms, Bursa Saham Kuala Lumpur) dates back to 1930 when the Singapore Stockbrokers' Association was set up as a formal organisation dealing in securities in Malaya. In 1937, it was re-registered as the Malayan ...
's composite index fell from approximately 1300 to nearly merely 400 points in a few short weeks. After the controversial sacking of finance minister
Anwar Ibrahim
Anwar bin Ibrahim ( ms, انور بن ابراهيم, label= Jawi, script=arab, italic=unset, IPA: ; born 10 August 1947) is a Malaysian politician who has served as the 10th Prime Minister of Malaysia since November 2022. He served as the 12 ...
, a National Economic Action Council was formed to deal with the monetary crisis.
Bank Negara
The Central Bank of Malaysia (BNM; ms, Bank Negara Malaysia) is the Malaysian central bank. Established on 26 January 1959 as the Central Bank of Malaya (''Bank Negara Tanah Melayu''), its main purpose is to issue currency, act as banker and ad ...
imposed
capital control
Capital controls are residency-based measures such as transaction taxes, other limits, or outright prohibitions that a nation's government can use to regulate flows from capital markets into and out of the country's capital account. These measure ...
s and
pegged the Malaysian ringgit at 3.80 to the US dollar. It also fully suspended the trading of CLOB (Central Limit Order Book) counters, indefinitely freezing approximately US$4.47 billion worth of shares and affecting 172,000 investors, most of them Singaporeans.
Malaysia refused economic aid packages from the
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...
(IMF) and the World Bank, unlike the other countries affected by the crisis. By refusing aid and thus the conditions attached thereof from the IMF, Malaysia was not affected to the same degree in the Asian Financial Crisis as Indonesia, Thailand, and the Philippines.
Regardless, the GDP suffered a 7.5% contraction in 1998. It however rebounded to grow by 5.6% in 1999.
To rejuvenate the economy, massive government spending was made and Malaysia continuously recorded budget deficits in the years that followed. Economic recovery has been led by strong growth in exports, particularly of electronics and electrical products, to the United States, Malaysia's principal trade and investment partner. Inflationary pressures remained benign, and, as a result,
Bank Negara Malaysia
The Central Bank of Malaysia (BNM; ms, Bank Negara Malaysia) is the Malaysian central bank. Established on 26 January 1959 as the Central Bank of Malaya (''Bank Negara Tanah Melayu''), its main purpose is to issue currency, act as banker and ad ...
, the central bank, had been able to follow a low interest rate policy. The Malaysian economy recovered from the
1997 Asian Financial Crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1 ...
sooner than neighbouring countries, and has since recovered to the levels of the pre-crisis era with a GDP per capita of $14,800.
The
fixed exchange rate
A fixed exchange rate, often called a pegged exchange rate, is a type of exchange rate regime in which a currency's value is fixed or pegged by a monetary authority against the value of another currency, a basket of other currencies, or another m ...
was abandoned on 21 July 2005 in favour of a managed
floating system within an hour of China announcing the same move.
In the same week, the ringgit strengthened a percent against various major currencies and was expected to appreciate further.
In September 2005, Sir Howard J. Davies, director of the
London School of Economics
, mottoeng = To understand the causes of things
, established =
, type = Public research university
, endowment = £240.8 million (2021)
, budget = £391.1 millio ...
, at a meeting in Kuala Lumpur, cautioned Malaysian officials that if they want a flexible capital market, they will have to lift the ban on short-selling put into effect during the crisis. In March 2006, Malaysia removed the ban on short selling. Some of the measures taken by the Malaysian government in response to the Asian crisis, such as the ban on short selling, were swiftly adopted by the very countries that had previously been critical of the Malaysian response.
Regardless of cause and effect claims, rejuvenation of the economy also coincided with massive government spending and budget deficits in the years that followed the crisis. Later, Malaysia enjoyed faster economic recovery compared to its neighbours. The country has recovered to the levels of the pre-crisis era – as an example, the KLCI Composite Index reached 1,896 in 2014, significantly higher than the pre-crisis record of 1,275 in 1993. While the pace of development today is not as rapid, it is seen to be more sustainable. Malaysia is the world's largest Islamic banking and financial centre.
Reforms under Najib Razak
Economic impact of COVID-19 pandemic
In early December, Fitch Ratings downgraded the country’s rating from A− to BBB+. Some, such as Hoo Ke Ping at the Kingsley Strategic Institute, suggested that this was because of a lack of communication between the new government and the ratings agency. Others, such as Carmelo Ferlito, from the Centre for Market Education, said it might require something more substantial as the recent budget lacked a strategy for the recovery as well as addressing the political tensions. Others such as Shan Saeed at Juwai IQI suggested that the agency had lots its relevance as the analysis was "behind the curve".
See also
*
Economy of Malaysia
The economy of Malaysia is the third largest in Southeast Asia and the List of countries by GDP (nominal), 34th largest in the world in terms of GDP. The 2018 labour productivity of Malaysia was measured at Int$55,360 per worker, the third high ...
References
{{Asia in topic, Economic history of