The Economy of Malaysia at a Glance
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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.
The labour productivity of Malaysian workers is the third highest in ASEAN and significantly higher than Indonesia, Vietnam and The Philippines.
The 2021 Global Competitiveness Report ranked the Malaysian economy as the 25th most competitive country economy in the world.
Malaysia is the 25th most export-intensive economy globally, higher than even Switzerland with total export activities exceeding 76% of its GDP.
In addition, the Malaysian economy has developed vertical and horizontal integration across several export linked industries while capturing a significant global market share for manufactured products and commodities ranging from integrated circuits, semiconductors, palm oil to liquefied natural gas.
Furthermore, Malaysia is an important nexus in the global semiconductor market and is the third largest exporter of semiconductor devices on the planet.
Malaysia has unveiled plans to target US$100 billion in investment for its semiconductor industry as it positions itself as a global semiconductor hub.
Overall, the Malaysian economy is highly robust and diversified with the export value of high-tech products in 2022 standing around US$66 billion, the third highest in ASEAN.
Malaysia exports the second largest volume and value of palm oil products globally, after Indonesia.
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 foods and transport fuel, as well as a fully subsidised single-payer public healthcare system.
Malaysia has a newly industrialised market economy, which is relatively open and state-oriented.
Source
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Azlan Adnan
Founder
Green Party of Malaysia
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