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Economy of Malaysia

Economy of Malaysia
Kuala Lumpur, national capital of Malaysia, and its largest city
CurrencyRinggit (MYR, RM)
Calendar year
Trade organisations
APEC, ASEAN, IOR-ARC, WTO, JETRO, RCEP, CPTPP, EAS, AFTA
Country group
Statistics
PopulationIncrease 33,938,221 (2022)[3]
GDP
GDP rank
GDP growth
  • Increase 3.1% (2021)[5]
  • Increase 8.7% (2022)[5]
GDP per capita
  • Increase $13,315 (nominal; 2024 est.)[4]
  • Increase $39,030 (PPP; 2024 est.)[4]
GDP per capita rank
GDP by sector
1.5% (January 2024)[4]
Population below poverty line
Negative increase 41.2 medium (2018, World Bank)[8]
Labour force
  • Increase 16,760,000 (Jan 2023)[11]
  • 69.8% employment rate (Jan 2023)[12]
Labour force by occupation
UnemploymentPositive decrease 3.4% (Sep 2023)[4]
Main industries
Electronics, semiconductors, microchips, integrated circuits, rubber, oleochemicals, automotive, optical devices, pharmaceuticals, medical equipment, smelting, timber, wood pulp, Islamic finance, petroleum, liquified natural gas, petrochemicals, telecommunication product
External
Exports$297.60 billion (2022 est.)[14]
Export goods
Semiconductor & electronic products, palm oil, liquefied natural gas, petroleum, chemicals, machinery, vehicles, optical & scientific equipment, manufactures of metal, rubber, wood and wood products
Main export partners
Imports$234 billion (2022 est.)[16]
Import goods
Electrical & electronic products, machinery, chemicals, petroleum, plastics, vehicles, manufactures of metal, iron and steel products
Main import partners
FDI stock
Increase $194 billion (2023 est.)[17]
Decrease $11.639 billion (2023 est.)[4]
Negative increase $273.9 billion (31 March 2022 est.)[13]
Public finances
Negative increase 66.909% of GDP (2023 est.)[4]
Positive decrease −4.690% (of GDP) (2023 est.)[4]
Revenues50.30 billion (2021 est.)[13]
Expenses75.67 billion (2021 est.)[13]
Economic aid$31.6 million (2005 est.)
Decrease US$110.1 billion (29 September 2023)[21]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Malaysia is the fifth largest in Southeast Asia and the 36th largest in the world in terms of GDP.[22] The 2018 labour productivity of Malaysia was measured at Int$55,360 per worker, the third highest in ASEAN.[23] The 2021 Global Competitiveness Report ranked Malaysian economy the 25th most competitive country economy in the world.[24]

Malaysians enjoy a relatively affluent lifestyle compared to many of its neighbours in Southeast Asia. This is due to a fast-growing export-oriented economy, a relatively low national income tax, highly affordable local food and transport fuel, as well as a fully subsidized single-payer public healthcare system. Malaysia has a newly industrialised market economy, which is relatively open and state-oriented.[25][26] The Malaysian economy is highly robust and diversified with the export value of high-tech products in 2020 standing at US$92.1 billion, the second highest in ASEAN.[27] Malaysia exports the second largest volume and value of palm oil products globally, after Indonesia.[28]

  1. ^ "World Economic Outlook Database, April 2022". IMF.org. International Monetary Fund. Retrieved 20 April 2022.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 21 August 2016. Retrieved 29 September 2019.
  3. ^ "Population, total - Malaysia". Retrieved 21 November 2023.
  4. ^ a b c d e f g h i "World Economic Outlook Database, October 2023". IMF.org. International Monetary Fund. Retrieved 21 November 2023.
  5. ^ a b "WORLD ECONOMIC OUTLOOK 2022 OCT Countering the Cost-of-Living Crisis". www.imf.org. International Monetary Fund. p. 43. Retrieved 11 October 2022.
  6. ^ "CIA World Factbook". Retrieved 23 March 2022.
  7. ^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Malaysia". data.worldbank.org. World Bank. Retrieved 3 October 2019.
  8. ^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 16 May 2023.
  9. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 5 November 2022.
  10. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 12 December 2020. Retrieved 5 November 2022.
  11. ^ "Labor force, total - Malaysia". data.worldbank.org. World Bank. Retrieved 4 November 2019.
  12. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Malaysia". data.worldbank.org. World Bank. Retrieved 3 October 2019.
  13. ^ a b c d "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 18 March 2019.
  14. ^ "Trade Performance 2021". Malaysia External Trade Development Corporation. Archived from the original on 15 May 2022. Retrieved 2 June 2021.
  15. ^ a b "OEC - Malaysia trade". Retrieved 27 December 2022.
  16. ^ "OEC - Malaysia (MYS) Exports, Imports, and Trade Partners". atlas.media.mit.edu. Archived from the original on 24 March 2019. Retrieved 24 March 2019.
  17. ^ "Malaysia's FDI". news.cn. Xinhua. Retrieved 16 February 2024.
  18. ^ "S&P revises Malaysia's outlook to stable from negative, expects 2022 GDP growth to hit 6.1%". Retrieved 16 May 2023.
  19. ^ "Moody's Affirms Malaysia's Sovereign Credit Rating At 'A3'; Outlook Stable". 14 April 2023. Retrieved 16 May 2023.
  20. ^ "Malaysia". Retrieved 16 May 2023.
  21. ^ "BNM: Malaysia's international reserves at US$110.1b at Sept 29, 2023". 6 October 2023. Retrieved 6 October 2023.
  22. ^ "Report for Selected Countries and Subjects". IMF. Retrieved 18 May 2022.
  23. ^ "Regional Study on Labour Productivity in ASEAN" (PDF). The ASEAN Secretariat & Asian Productivity Organization. Retrieved 9 January 2022.
  24. ^ "The Global Competitiveness Report 2021". IMD World Competitiveness Center. Retrieved 9 June 2022.
  25. ^ Boulton, WilliaM; Pecht, Michael; Tucker, William; Wennberg, Sam (May 1997). "Electronics Manufacturing in the Pacific Rim, World Technology Evaluation Center, Chapter 4: Malaysia". Wtec.org. Retrieved 1 November 2010.
  26. ^ "Malaysia, A Statist Economy". Infernalramblings.com. Archived from the original on 7 October 2010. Retrieved 1 November 2010.
  27. ^ "High-technology exports (current US$) - Singapore, Malaysia, Thailand, Indonesia | Data". data.worldbank.org.
  28. ^ "OEC - Palm Oil (HS92: 1511) Product Trade, Exporters and Importers". Archived from the original on 30 August 2017. Retrieved 19 August 2017.

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