Malaysia’s natural resources and its well-educated population are some of the many credentials that keep the country in good stead, with priorities centred on preparing for the ASEAN Economic Community in 2015 and steering the policy framework toward more inclusive political representation. The economy is built around global trade, and the government is working to encourage greater private investment.
Malaysia’s GDP per capita is the highest in South-east Asia, with the exception of smaller countries like Singapore and Brunei Darussalam, reaching $10,548 in 2013 based on a GDP of $307.25bn and a population of almost 30m. The country produces 39% of the world’s palm oil and 44% of its exports, and increasing global demand for the commodity bodes well for the industry.
Malaysia has seen its stock rise in the World Bank’s Annual “Ease of Doing Business” report, moving up to 6th position in 2014 from 8th the previous year. Recent times have seen the government push hard for a greater role for the private sector in the country’s development, with the various government programmes aiming to boost transparency, accountability and sustainable growth.
The overall aim of these plans is to elevate Malaysia to become a high-income country by 2020.
Comment from Paulius Kuncinas, Oxford Business Group Managing Editor for Asia's, on the Ringgit can be read on the New Strait Times website.
Keep up with our Malaysia Economic News Updates here
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