Economy of Malaysia

The economy of the Malaysia is a open economy relatively small, the 33e in the world in terms of PPP with a GDP of 290 billion $ US, in 2005. It is made up with 59,1 % of the Service sector, with 33,5 % of Industry and with 7,3 % of Agriculture (2004).

The principal foreign investors in the country are the the United States, Japan and the Netherlands

History

At the beginning of the 20th century, time of British colonization, the export of the country was based on two large products: tin and rubber. When bursts in Europe the Second world war, Malaysia produces nearly 40% to the rubber and 60% of tin world: at the end of the years 1940, Malaysia is, by its tin and rubber sales, the first source of revenue of the the Commonwealth. In 1986 the country will choose the economic liberalism, of many privatizations, measurements favorable to the foreign investors and the light industries intended for export, partly of delocalized industries of Singapore (textiles, electronics, etc). Thus, of 1985 with 1996, Malaysia on average posts a growth rate annual higher than 8%. Exports increase considerably, the infrastructures experience a fast development, and the standard of living approaches that of the developed countries. In July 1997, Malaysia underwent full whip the monetary crisis. To be rebuilt, Malaysia refused the program suggested by the the IMF. It is thus without outside assistance that the Malaysian economy succeeded in finding the way of the growth: after a growth of 5,4% in 1999, GDP progressed of more than 8% in 2000.

Agriculture and fishing

Malaysia produces half of the world palm oil and is located respectively at 3rd and 5th rank for the production of rubber (1 300.000 tons) and of cocoa (195 000 tons in 1995).

Tertiary sector

The currency of Malaysia is the Ringgit which replaced the dollar Malaysian and divided into 100 SEN. The central bank of the country is the bank Negara Malaysia founded in 1959. With the beginning of the year ninety, Malaysia had become the principal tourist destination of Southeast Asia.

Foreign trade

The principal products of export of Malaysia are the electronic and the electric components (58%), the other manufactured goods (11%), the palm oil (4%), as well as the Pétrole and the Gaz (6,6%). The main customers of Malaysia are the the United States (20% of its exports), Singapore (18%), the European Union (14%) and the Japan (13%).
The principal products of importation of Malaysia are the intermediate goods (73%), including 36% for the electronics components intended to be re-exported, capital equipment (15%) and consumer goods (5,5%).

Random links: