Malaysia is a multi-ethnic society of 29m split between the Malay Peninsula and the island of Borneo. With a per-capita GDP that has hovered around $10,000 for the past decade, the country is struggling to escape a “middle-income trap”
An intensive Economic Transformation Programme (ETP) spearheaded by the government aims to improve Malaysia’s human capital, develop a high-tech economy and incentivise advanced manufacturing.
The country is also looking at a leadership position within the anticipated ASEAN Economic Community, as its banks, telcos and construction firms benefit from rapid economic growth in Malaysia’s neighbours.
Making the shift from a government-driven to private sector-driven economy will be easier said than done, however, and a relatively small domestic markets may constrain Malaysia’s ambitious corporates.
For further analysis on Malaysia, read our article Malaysian Quandry: Oxford Business Group View.
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