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Concept
Economy of Malaysia
Summary
The economy of Malaysia is the fifth largest in Southeast Asia and the 38th largest in the world in terms of GDP. The 2018 labour productivity of Malaysia was measured at Int92.1 billion, the second highest in ASEAN. Malaysia exports the second largest volume and value of palm oil products globally, after Indonesia.
Economic history of Malaysia
As one of three countries that control the Strait of Malacca, international trade plays a very significant role in Malaysia's economy. At one time, it was the largest producer of tin, rubber and palm oil in the world.
Manufacturing has a large influence in the country's economy, accounting for over 40% of the GDP. Malaysia is also the world's largest Islamic banking and financial centre.
In the 1970s, Malaysia began to imitate the four Asian Tiger economies (Hong Kong, Singapore, South Korea, and Taiwan) 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.
Official source
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