Understanding Malaysia Economy
Malaysia is a country which located in South East Asia. Kuala Lumpur is the capital city of Malaysia. Malaysia. The federatio federation n of Malaysia Malaysia consisted consisted of two parts which were Peninsular Peninsular and East Malaysia Malaysia (Borneo Malaysia). enerally! Peninsular Malaysia has "" states and the East Malaysia consisted two parts which were Sa#ah and Sarawa$. Malaysia co%ers of a population a#out &' million people. * of the population are indi+enous Malays! ,-* ethnic hinese! /* 0ndians and "* Kada1ans! 2aya$s and other nati%e tri#es. The official lan+ua+e of Malaysia is Malay! #ut En+lish is widely spo$en throu+hout the country. Malaysia practices 3ederal Parliamentary 2emocracy with a constitutional constitutional monarch. The Malaysian economic is an open economy where it handles domestic and internationally community. Malaysia is a +rowin+ fast economy which is also state oriented mar$et economy. Accordin+ to 4i$i 4ealth olla#orati%e 5esearch (&6"" )! 7Malaysia8s economy is ran$ed , rd lar+est in South East Asia and ,6th lar+est in the world in &669:. Malaysia has #een +rown from a producer of raw materials into an emer+in+ multi sector economy. 3urthermore! Malaysia is situated near#y to Strait of Malacca. Strait of Malacca is a sea route which connects the 3ar East to Asia! Middle East and Europe. This strate+ic location of Malaysia +reatly increases the +rowth of forei+n trade. 4ith a twenty year history of economic +rowth! Malaysia pro%ides a +ood #asis for the study of how the economic had de%eloped so far. 4hen loo$in+ at one country8s +rowth! comparisons are sure to #e made with similar countries. 0t is easy to assume that other countries could e;perience the same le%el of +rowth if they followed the same path! #ut it is important to reali1e that e%ery country country is uni
Since independence more than fi%e decades a+o! as a nation nation characteri characteri1ed 1ed #y di%ersity di%ersity!! Malaysia Malaysia has achie%ed remar$a#le remar$a#le success success after success. success. >%erall! >%erall! Malaysia has a sta#le economic +rowth. As a result! from a low income a+rarian nation dependent on ru##er and tin! Malaysia has emer+ed as a modern! industrial! hi+h middle income nation with stron+ economic fundamentals. Accordin+ to the (0M3! &6"&) the annual ross =ational 0ncome (=0) +rowth
1
rate a%era+e was to '* in the "/6! "/96 and towards to "/'6s. 0t continued +rowin+ rapidly to a#out "&* in the "//9 ? "//'. This is due to Asian financial crisis. Then in the year &666@ &66'! it8s a#out * to *. =ow in the year &6""! the =0 went a#out *. (0M3! &6"&) The ross 2omestic Product of Malaysia depends on the manufacturin+ industries! a+ricultural sectors and ser%ice sectors. Accordin+ to the article of Altius Directory (2013) ! the a+ricultural sector had contri#uted /.9* towards the country 2P in &66'. The contri#utions of the manufacturin+ industries were estimated as --.*and that of ser%ice sector was -.9* towards the country 2P. Accordin+ to 5o$iah Ala%i ("//) in Industrialization in Malaysia, as per 2P@PPP (Purchasin+ Power Parity)! Malaysia is ran$ed &/ th in the world. A 2P +rowth rate of &6* was noticed towards the end of &6th century. The 2P nominal of Malaysia in &66/ was estimated at S &69! -66 #illion in &66/. The 2P nominal per capita in &66/ was estimated at S '"66.
After years of national independence! the present &6""! ross 2omestic Product (2P) percapita has increased to S&'9./ (4orld 2ata Ban$! &6",). This 2P +rowth of a#out * and 9* in the year of "/'6s and "//6s were increasin+ due to e;port of industriali1ation and also the hi+h technolo+y manufacturin+ industry. Cowe%er! in mid "//9 to "//'! the 2P +rowth was not maintained due to the financial crisis which dra++ed down the 2P to @"6*. (0M3! &6"&) Accordin+ to (Cassan Khan! &66&)! Malaysia8s real 2P +rew annually at a re+ular pace of .* from "/ to &666.The ratio of pri%ate in%estment to the 2P rose from /* in "/6 to nearly &6* in the /6s. There was a si+nificant structural chan+e due to the +rowth process. urrency System of Malaysia
The currency of Malaysia is Malaysian 5in++it. The Malaysian 5in++it can #e sym#oli1ed as MD5 and di%ided into "66 cents. 0t is +enerally $nown as Malaysian dollar and was issued #y Ban$ =e+ara. (Malaysia Business Ad%isory! &6",) 2urin+ the last & decades the %alue of Malaysian currency has shown remar$a#le sta#ility! mainly due to the countrys steady economic +rowth and re+ular state inter%ention into the currency e;chan+e rate. The Malaysian dollar was floated in "/9,! and in that year its e;chan+e rate stood at around 5M&.- per S". At the same time! the M alaysian dollar #ecame the sole unit of le+al tender! as Sin+apore and Brunei currencies were e;cluded from free circulation in the country. The +o%ernment periodically re%ised its e;chan+e control re+ulations! introducin+ further 2
li#erali1ation of the controls. 0n "/'! the Malaysian rin++it was %alued at 5M&.-' per S"! and this e;chan+e rate remained practically unchan+ed until the "//9 Asian financial crisis. 0n &6",! it is around 5M,.6 per S". 2urin+ the period #etween "/9, and "//9! inflationary pressure was relati%ely small! with a pea$ inflation rate of around "9 percent in "/9-. 5emar$a#le sta#ility was supported #y a %ery hi+h rate of sa%in+s. Malaysia has one of the hi+hest sa%in+s rates in the world! at a le%el of around -6 percent of 2P. Cowe%er! Malaysians also #orrow rampantly! with a lar+e proportion of in%estments directed to the #oomin+ property mar$et and stoc$ mar$et. >utstandin+ loans were e
Malaysia =atural 5esources Malaysia has rich natural resources of a+riculture! forestry and minerals. The most si+nificant profit for Malaysia is a+ricultural plant such as palm oil! ru##er! pine apple! to#acco and etc. The products li$e palm oil and ru##er were e;ported to forei+n in a hi+her rate which contri#uted to the economy of Malaysia. 0n the term of forestry! the lo++in+s contri#uted an amount for the country8s economy. The most %ital plantation is tim#er! ru##er plants and palm trees. 0n the term of mineral! Malaysia has a lar+e deposit of mineral such as tin and petroleum which added to the country8s economy too. Palm oil is also a maFor +enerator of forei+n e;chan+e. (ome1 G Sundaram! "//9) 3rom "/th century! lo++in+ #e+an to ma$e a lar+e input to the forestry sectors. There are still a#out /* of Malaysia is co%ered with forests. Lots of serious erosion pro#lem #e+an in "/6s to the forests due to lo++in+ of trees rapidly. Cowe%er! o%ernment has ti+htened up laws to protect the natural resources! ecolo+y system and deforestation. 4ith the o%ernment8s commitment the rate of tree cuttin+ has declined. Many lar+e areas are #een treated and plantin+ a+ain trees are practiced as Malaysia o%ernment are conscious a#out the pro#lems faced. Accordin+ to (Malaysian 0n%estment 2e%elopment Authority! &6"") there are many plans which are pro%ided #y Malaysian +o%ernments for the enrichment of land with rattan plantin+ and ru##er trees plantation where#y ,"&.,6 s
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used for papers are also #een practiced. >il palm has replaced ru##er as the leadin+ Malaysian e;port to other countries. (Malaysian Tim#er 0ndustry Board! &6"") The three main mineral resources which are %ery important in Malaysian economy will #e petroleum! +as and tin. Before "/'6s! Malaysia had #een the world8s #i++est e;ported of tin and after "/'6s! the demand for tin has drastically declined. Tin has played a maFor role in the "/ th and &6th century #ecause of the demand from Europe and other countries. After "/9&! +as and petroleum has ta$en o%er tin minin+ as demand for tin has dropped. Many oil fields ha%e #een found in Sa#ah! Sarawa$ and Teren++anu and these has contri#uted to the Malaysian economy. These resources are run #y Petronas! Malaysia and there are also other >il ompanies which are E;;on@Mo#il! 5oyal 2utch Shell and few others.
>ther
important
minerals
are
+old!
copper!
#au;ite!
iron@ore!
coal!
clay!
$aolin! silica! limestone! #arite! phosphates and stones such as +ranite! mar#le #loc$s and sla#s. (La#uan Li#erty Port Mana+ement! &6"") Malaysias wide and shallow continental shelf consists of se%eral deep water potential re+ions. Malaysia has 66!666 $m& a%aila#le for oil and +as e;ploration. >il fields in Malaysia are produced around " out of 96 fields. Accordin+ to the article HA #rief on the >il 0ndustry in Malaysia8 stated that in Ianuary &66-! Malaysias oil reser%es were estimated to #e -.'- #illion #arrels (9/!666!666 m ,)! while natural +as reser%es stood at '9 trillion standard cu#ic feet (&!-6 $m ,). The country ma$es a#out 6.6669 #illion #arrels (""/!666 m ,) #arrels of crude oil e%ery day and &.&6 trillion standard cu#ic feet (6 $m,) of natural +as condensates per year. Minister in the Prime Ministers 2epartment! Mustapa Mohamed has re%ealed that Malaysias oil reser%es situated at a#out -.'- #illion #arrels (9/!666!666 m ,) while natural +as reser%es increased to '/ trillion cu#ic feet (&!66 $mJ) in &66-. (La#uan Li#erty Port Mana+ement! &6",) This was an increase of 9.&*. As of Ianuary "! &669! Petronas reported that oil and +as reser%e in Malaysia amounted to &6."' #illion #arrels (,.&6'"6 / m,) e
il royalties are collected #y the +o%ernment where#y * are passed to the states and the rest is $ept #y the federal +o%ernment. (La#uan Li#erty Port Mana+ement! &6"")
Sectors of Malaysia Economy Malaysian 0ndustry 4
Malaysia has two important industries which were minin+ and manufacturin+. 0n the term of minin+ industries! Malaysia8s economy +ets more profits from the e;port of the mine products. The three most important for the minin+ industries are oil! tin and +as. The minin+ for tin had started a lon+ time a+o. 0t had #een esta#lished durin+ the colonial period. Malaysia was considered as a world lar+est producer of tin till "/'6 (Malaysia8s Political Economy! "//9). The location of Mines in the peninsular Malaysia had made it for transportation throu+h the sea route. The production of crude oil and natural +as also #ecomin+ increased to a hi+her rate in Malaysia which +i%es profit to the country8s economy too durin+ the last few years. Accordin+ to the article of A Barrel 3ull (&6",)! 7Total oil production in &66/ was /,!666 #arrels per day (##ld)! of which ', percent was crude oil. More than half of total Malaysian oil production currently comes from the Tapis >il 3ield in the offshore Malay #asin:. 0n "///! the total production of li
There were wide %arieties of manufacturin+ industries in Malaysia. This manufacturin+ industry is the important form in Malaysia for the contri#ution towards economy. The maFor manufacturin+ industries of Malaysia are electronics and furniture manufacturin+ industry as well as food processin+ industry. Accordin+ to th Malaysian Student Leaders Summit! &6"" the industrial sector accounts for -'."* of total 2P or ,.- #illion. Malaysia8s industrial output is ran$ed ,& nd in the world. The industrial sector is re+ulated and promoted #y Malaysia 0ndustrial 2e%elopment Authority. 0nternational trade! facilitated #y the adFacent Strait of Malacca shippin+ route and manufacturin+ are #oth $ey sectors of the countrys economy. Manufacturin+ has a lar+e influence in the countrys economy! althou+h Malaysia8s economic structure is mo%in+ away from it. Malaysia has "' companies that ran$ in the 3or#es lo#al &666 ran$in+ for &66/.
Ban$in+ and 3inance The #an$in+ and finance sector in Malaysia are under the control of Ban$ =e+ara. After the financial crisis in "//68s! a financial sector master plan was de%eloped. Accordin+ to the article of 7 !e De"elo#ment o$ debt markets in Malaysia, (2003) :! the o%ernment also launched the 3inancial Sector
Master Plan! which outlines the strate+ies for the de%elopment of the financial sector! in March &66". (2ato Saleh! &66&) The master plan resol%es $ey issues in a holistic manner and recommends a model structure specifically for the #an$in+ sector! ta$in+ into consideration the e;istin+ domestic en%ironment! re+ulatory and super%isory framewor$ and infrastructure. 3rom a #roader perspecti%e! the master plan pro%ides a clear and common %ision for the industry and strate+ies to #e pursued o%er the short! medium and lon+ term to achie%e this %ision. The May#an$ is the lar+est #an$ in Asia Pacific which practices
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0slamic #an$in+ too. The Malaysian +o%ernment has decided to +i%e license to more sectors #y the end of &6"6 to increase the opportunity for 0slamic and Ta$aful #an$in+ (Sundaram! &66") %
Malaysia Trade
Loo$in+ into Malaysia8s economy! the commodities play an important part where e;port and import are partly crucial. The import and e;port of commodities are %ital in Malaysia8s economy. nited States has #ecome an important tradin+ partner for Malaysia. Two@way mutual trade #etween .S. and Malaysia has totaled a#out S,6. #illion in "///. E;ports of Malaysia to S ha%e increased a#out S&".- #illion and imports of Malaysia from S totaled a#out S/."#illion. nited States8 "6th@ lar+est tradin+ partner is Malaysia and it is the "& th #i++est e;port mar$et in the world. 0n the year &666! .S. e;ports totaled a#out S #illion! while .S. imports from Malaysia reached a#out S"". #illion.
3orei+n 2irect 0n%estment (320) is always a positi%e outloo$ for the Malaysian o%ernment. Accordin+ to Malaysian statistics ("///)! S has appro%ed 320 in Malaysia where#y the new manufacturin+ in%estments totalin+ 5M.& #illion (S".,9 #illion) and it is ran$ed first amon+ all countries. Malaysian 0n%estment 2e%elopment Authority (M02A) has appro%ed S principal in%estment in chemicals! electronics! and electrical sectors. S"6 #illion of the cumulati%e worth of S pri%ate in%estment has surpassed which is a#out 6* of oil and +as and petrochemical sectors with the rest in manufacturin+! particularly semiconductors and other electronic products. Malaysias total trade in &66 which is a#out 5M""."" #illion and it has increased #y &.&* to 5M&&.,' #illion! in the first months of &669.
Accordin+ to (Altius 2irectory &6",)! The total e;port was of "/'.9 #illion and the total import constituted a#out "-.9 #illion. The +lo#al financial crisis had ad%ersely affected the trade system of Malaysia and in &66/! the e;port rate was declined to ".- #illion and the import was declined to ""/. #illion. The maFor commodities e;ported from Malaysia are ru##er! palm oil! petroleum! te;tiles! li
Malaysia 2P rowth
Accordin+ to the article of (Tradin+ Economics! &6",)! The rowth 2omestic Product (2P) 0= Malaysia e;panded &./6* in the fourth
Malaysia Economy >utloo$
The Malaysian economy is clearly on trac$ to achie%e hi+h income and ad%anced nation status #y &6&6. 5eal 2P +rew .* in &6"&! surpassed consensus forecasts of a little o%er .6* and the Treasurys &6", Bud+et forecast of #etween -. @ .6*. The - &6"& +rowth at .-* year@on@year was the hi+hest since & &6"6. The &6"& +rowth was dri%en #y continuin+ stron+ domestic demand! with impressi%e annual +rowth in #oth pri%ate consumption and pri%ate and pu#lic in%estment outlays. =et e;ports of +oods and ser%ices had meanwhile contracted #y almost ,6* due to the wea$nesses in e;ternal demand conditions and +enerally lower +lo#al commodity prices. (Malaysia Economic >utloo$! &6",) There is still insta#ility in the euro 1one! di%idin+ the Baltic sea countries and the Mediterranean countries with di%er+ent trends in competiti%eness. reater role for EB and #etter #an$in+ system! coupled with continued structural adFustment measures and la#our mar$et reforms are clearly needed to address issues li$e continued de@le%era+in+ #y #an$s! restrained credit conditions and hi+h unemployment. Europes current woes and stand@off o%er fiscal policy in the S affect world economic acti%ity and reco%ery. Moreo%er! in de%elopin+ Asia! hina needs re#alancin+! otherwise there will #e continued slowdown in the de%elopin+ Asias lar+est economy. (Malaysia Economic >utloo$! &6",)
0nflation 5ate in Malaysia
7
Accordin+ to Tradin+ Economics (&6",)! 7The inflation rate in Malaysia was recorded at ".6 percent in 3e#ruary of &6",: and the 0nflation 5ate in Malaysia is reported #y the 2epartment of Statistics Malaysia (&6",). Pre%iously! from "/9, until &6",! Malaysia 0nflation 5ate a%era+ed #etween ,.9* reachin+ an all@time hi+h of &,./* in March of "/9- and a record low of @&.-6* in Iuly of &66/. 0n Malaysia! the most si+nificant +roups in the consumer price inde; are 3ood and non@alcoholic #e%era+es (,6 * of total wei+ht) and +as! water! electricity! housin+ and other fuels (&, * of total wei+ht). >thers will #e includin+ of Transport ("*)N ommunication ( *)N 5ecreation and culture ( *) and 3urnishin+s! household e
Accordin+ to the 2epartment of Statistics! the onsumer Price 0nde; (P0) for the period Ianuary to March &6", impro%ed #y ". per cent to "6." compared with "6-. in the same period last year. The ". per cent increase in the P0 was #rou+ht a#out #y increases o#ser%ed in the indices of all the main +roups e;cept those of communication (@ 6.'*)N clothin+ G 3ootwear (@ 6.9*) and recreation ser%ices and culture ( @ 6."*). =ota#le increases amon+ these main +roups with hi+h wei+hts were housin+! water! electricity! as and other fuels ( ".,*)Q food and non@alcoholic #e%era+es ( &./*)N and transport ( 6.*). >thers were alcoholic #e%era+es G to#acco ( &.6*N restaurants and hotels ( &.&*)N education (&."*)N health ( "./*)N furnishin+s! household e
0mpact of lo#al 3inancial risis
The +lo#al financial crisis has #een one of the most si+nificant economic shoc$s in the post@war period. At its core! the crisis ori+inated in credit mar$ets in de%eloped countries ? centered particularly in the nited States! the nited Kin+dom and Europe #ut the fallout has had a si+nificant effect on acti%ity in e%ery country and re+ion. As the crisis intensified! there was a lar+e swin+ in the appetite of world financial mar$ets for ris$! and in their capacity to accept ris$. The result was a shift from the easy credit conditions that had pre%ailed for some years to a situation of ti+ht credit and in some cases dysfunctional mar$ets. This was accompanied #y a loss of consumer and #usiness confidence! with si+nificant effects on +lo#al acti%ity. 8
The +lo#al financial crises arises #e+an in &66' from the #urstin+ of S housin+ mar$et. The main impact of the +lo#al financial crisis towards Malaysia is the e;ports line. Accordin+ to the article &ra'ectory towards becoming a ig! Income ation (2011)* of th Malaysian Student Leaders Summit
&6""! earnin+s from +oods e;ports are contracted #y /.* in &66/. Cardest hit was the primary commodities sector. E;port contractions continued well into &6"6. Cowe%er! there were stron+ si+ns of reco%ery! particularly pu#lic in%estment! e;pandin+ #y "&./* in &66/ followin+ two stimulus pac$a+es. Pri%ate consumption remained remar$a#ly resilient to economic contractions. The economic contraction tuned out to #e ".9* in &66/ #ut in &6"6 the economy re#ounded #y a lar+er than e;pected 9.
Economic Transformation Pro+ram (ETP)
The Economic Transformation Pro+ram (ETP) pro+ram is a comprehensi%e effort to that aim to transform Malaysia towards hi+h income country #y &6&6. Accordin+ to the article ra'ectory towards becoming a ig! Income ation (2011) in t!e + t! Malaysian tudent -eaders ummit 2011 ! Malaysia8s
+ross national income (=0) per capita from S2! 966 or 5M&,! 966 in &66/ to more than S2"! 666 or 5M-'! 666 in &6&6. 0n order to do so! the Malaysian =0 must +row #y an a%era+e of * yearly up to &6&6. Successful implementation of the ETP will see Malaysia8s economy under+o si+nificant chan+es! with an emphasis on the ser%ice industry. 0t aims to create ,.,million Fo#s #y &6&6 spread across the nation with focus on middle and hi+h income salaries.
Successful implementation of the ETP will see Malaysias economy under+o si+nificant chan+es to resem#le other de%eloped nations. 4e will continue our shift towards a ser%ice@#ased economy! with the ser%ices sector contri#ution +rowin+ from ' percent to percent in the same period. More than ,., million new Fo#s will #e created #y &6&6! spread across the country in ur#an and rural areas. The nature of these new Fo#s will result in a shift towards middle and hi+h@income salary #rac$ets. reater Kuala Lumpur Klan+ Ralley will #e transformed into a world@class city. 3inally! +rowth will #e achie%ed in a sustaina#le manner! without cost to future +enerations! throu+h initiati%es such as #uildin+ alternati%e ener+y +eneration capacity and conser%in+ our en%ironment to promote eco@tourism.
Knowled+e Based Economy
As Malaysia intend to transform itself into hi+h income nation! the role of s$illed wor$force is important to achie%e this +oal. 0n%estment in human capital is needed in order to create a s$illed 9
wor$force for the de%elopment of our country throu+h supplyin+ hi+h la#or producti%ity. So! in%estment in education re
ser%ices #y increasin+ pri%ate consumption and in%estments as well as e;pandin+ education e;ports (encoura+in+ forei+n student enrollment). 0t en%isions a re#randin+ of Malaysia from into a maFor education and pi%otal hu# in the +lo#al education networ$. The main strate+y for this %ision is #y de%elopin+ =usaFaya Educity which will #e uni
Stron+ e;pansion in pri%ate consumption and fi;ed in%estment lifted 2P +rowth to .* in &6"&! close to the a%era+e +rowth rate in the years #efore the +lo#al financial crisis. rowth accelerated to .-* in the fourth
onclusion Accordin+ to 2atu$ Seri =aFi# Tun 5a1a$ (&6"6) the 3ederal o%ernment has set aside an allocation of 5M&,6 million for the "6th Malaysia Plan ("6MP)! of which per cent or 5M"& #illion is for the economic sector. This is followed #y the social sector (,6 per cent or 5M/ #illion)! security sector ("6 per cent or 5M&, #illion) and +eneral administration (fi%e percent or 5M"". #illion). (=ew Straits Times! Iun &6"6) Ban$ =e+ara o%ernor! Tan Sri 2r Oeti A$htar A1i1 (&6",)! stated that Malaysian economy is e;pected to +row steadily at * to * in &6",! due to stron+ domestic demand! ro#ust pri%ate in%estment and a #etter +lo#al outloo$. She e;pects the economy is to #e sustained on the #ac$ of hi+her domestic demand and an impro%ement on the e;ports front as the +lo#al economy reco%ers. This shows that Malaysian economy is +rowin+ steadily and it is hoped that many forei+n in%estments will come in to in%est in Malaysia.
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Malaysia is $nown as one of the fastest +rowin+ economics in the world especially since the stern directi%e to increase efficiency from the Prime Minister! 2atu$ Seri =aFi# Tun 5a1a$. The national %ision to ma$e Malaysia a fully de%eloped nation #y the year of &6&6 will see a new ima+e towards industriali1ation which leadin+ to the creation of talented society. The trend of national de%elopment challen+es the role of the food and a+ricultural sector. 4hile facin+ pro#lems related to production inputs! the sector is also e;pected to +row with other economic sectors. The support of inno%ation will #e a si+nificant for the e%ery product de%elopment in Malaysia. References
".
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