Full information of Malaysia's economy
MALAYSIA'S ECONOMY The economy of Malaysia once relied principally on the production of raw materials for export, most importantly petroleum, natural rubber, tin, palm oil, and timber. After Malaysia gained independence in 1957, however, the development of the manufacturing sector took priority. From the mid-1970s to mid-1990s Malaysia had one of the world's fastest-growing economies, mainly due to rapid industrialization. In the late 1980s, industry replaced agriculture as the largest contributor to the Gross Domestic Product (GDP). The services sector, especially tourism, also drove growth. In 1991 the Malaysian government launched the ambitious “Vision 2020” programme, which envisions Malaysia attaining the status of a developed nation by 2020. Towards this goal, the government has invested heavily in modernizing the infrastructure of the Kuala Lumpur metropolitan area. The modernization is designed to...
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