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The economy of Malaysia is the fifth largest in Southeast Asia and the 36th largest in the world in terms of nominal GDP. When measured by purchasing power parity, its GDP climbs to the 30th largest. Malaysia is forecasted to have a nominal GDP nearly half a trillion US$ by the end of 2024. [22]
From 1988 to 1997, the Malaysian economy experienced a period of broad diversification and sustained rapid growth averaging 9% annually. By 1999, nominal per capita GDP had reached $3,238. New foreign and domestic investment played a significant role in the transformation of Malaysia's economy.
The head of government is the prime minister . After independence, the gross domestic product (GDP) grew at an average rate of 6.5% per year for almost 50 years. The country's economy has traditionally been driven by its natural resources but is expanding into commerce, tourism, and medical tourism.
Nov 12, 2021 · Malaysia's Gross Domestic Product (GDP) increased by 3.0% in the first nine months of 2021, compared to a 6.4% contraction in the same period last year.This is despite the fact that the GDP contracted by 4.5% year-on-year (YoY) in the third quarter of 2021 (Q3 2021), reflecting challenges caused by strict containment measures to stem the surge in new cases caused by more virulent COVID-19 ...
4 days ago · Malaysia’s economy has been transformed since 1970 from one based primarily on the export of raw materials (rubber and tin) to one that is among the strongest, most diversified, and fastest-growing in Southeast Asia.
A Brief History. Development planning in Malaysia began in 1950 with the publication of the Draft Development Plan of Malaya. To date, a total of 27 development planning documents have been prepared, three of which are long-term plans and 26 are five year development plans.
Feb 16, 2024 · Despite a challenging external environment, Malaysia’s economy grew by 3% in the fourth quarter of 2023 (Q4 2023), supported by resilient domestic demand that rose by 5.2% in Q4 2023 (Q3 2023: 4.8%).
