Economy of Malaysia
Economy of Malaysia is relatively state-oriented and open. Malaysia has a market economy that is newly industrialized. The state has a significant role in the economy of Malaysia although its role when it comes to guiding the activities of the economy via macroeconomic plans is declining.
In South East Asia Malaysia had the third largest economy as of 2012 after Thailand and Indonesia. In terms of purchasing power parity, the economy of Malaysia is the 29th largest globally. It has a gross domestic product of US$492.4 billion with per capita of US$16,922. The GDP per capita was at US$14,700 in 2010. The per capita GDP of Malaysia stood at US$383.6 billion in 2009 while the PPP per capita was at US$8,100.
This Southeast Asian nation had an economic boom that underwent fast development in 20th century. Today its GDP per capita is at $ 17,200. This makes it the newly industrialized nation. In terms of income distribution, Malaysia has 5.8 million households according to statistics of 2007. Out of these, 8.6 percent has monthly income that is less than RM 1,000. 29.4 percent of these had monthly income ranging from RM 1,000 and RM 2,000.
19.8 percent earned monthly income ranging from RM 2,001 to RM 3,000. 12.9 percent of these households were earning monthly income ranging from RM 3, 001 to RM 4,000 with only 8.6 percent earning monthly income that ranges from RM 4, 001to RM 5,000. About 15.8 percent of the households of Malaysia earn monthly income that ranges from RM 5,001 to RM 10,000 while only 4.9 percent of the households earn monthly income that ranges from RM 10,000 upwards.
International trade is very significant in the economy of Malaysia as one of the countries that are in control of the Strait of Malacca. Malaysia was at some point the largest producer of rubber, palm oil and tin. The manufacturing industry has the greatest influence in the economy of Malaysia. Internationally, Malaysia has the largest Islamic banking and it is also the largest Islamic financial center.
Since Malaysia became independent, its economy has been the best performing in Asia. Real gross domestic product or the GDP was growing by 6.5 percent on average from 1957 to 2005. Performance of the economy of Malaysia was at its peak from the beginning of 1980s to mid 1990s. During this time, the economy had sustained and rapid growth at an average of 8 percent annually. Towards the end of year 2010, capital market of Malaysia crossed RM2 trillion’s threshold.
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