Full information of Malaysia's economy

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             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 propel Malaysia into the digital age and position it as a hub for high-technology businesses in Southeast Asia. However, the country's reliance on exports of manufactured goods, such as computer microchips and other electrical components, has made its economy susceptible to regional and global economic downturns. Malaysia was one of many Asian countries that suffered economic decline during a regional economic crisis in 1997 and 1998. This crisis led to the delay of some infrastructure projects and possibly of the Vision 2020 goal. The nation's economy expanded an average of 6.3 per cent annually in the period 2007. In 2003, Malaysia's annual budget included revenues of about $21 billion and expenditures of about $25 billion. The country's GDP was $186.7 billion in 2007. Industry, including mining and construction, accounted for 48 per cent of the GDP; services, 42 per cent; and agriculture, forestry, and fishing, 10 per cent.

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