Economic Malaysia Essay

The economy of Malaysia has expanded a lot in 2004, as in the following years, with a growth of 7.1 percent. At that time, GNI was at $ 117.1 billion and the GNI per capita at $ 4650. Malaysias economy continues to grow. In terms of purchasing power parity, the country was the twenty-ninth largest economy on the globe, having gross domestic help product at $357.9 billion in 2007. Due to its continuous development in the industrial sector, Malaysia has one of the biggest living standards in south-east Asia. RELATED ARTICLESTHE 2008 ECONOMIC RECESSION AND ASIAE-Commerce Adoption By Malaysian OrganizationsMalaysian CultureThe Implications Of Multiculturalism On Competition Law In MalaysiaMalaysia has rich natural resources ornamentation crude, timber, tin, crude petroleum and rubber. Agriculture accounts for 12 per cent of the countrys GDP. 16 per cent of the working population is employed in the domain of agriculture. The some implicationant crops are palm oil, cocoa and rubber, but also fruits and vegetables coconuts, pineapples, rambutan, bananas and durian.The country cannot satisfy the populations everyday need for rice, so Malaysia is forced to import it from the neighboring countries such as Vietnam or Thailand. Malaysia is the biggest producer of palm oil in the world it produced 10 million metric tons of palm oil in 1999, most of which was exported. Malaysia is also a big exporter of rubber and wood tropical logs, sawed tropical timber, hardwood.The manufacturing sector provides furniture, office machines, electrical machines and appliances, clothing, footwear. International trade has a big role in the countrys economy, as it is one of the three countries controlling the Strait of Malacca. 48% of the countrys GDP is cover by the industrial sector banking, telecommunications, tobacco, transportation, utilities. Bank Negara Malaysia regulates the financial sector in Malaysia. It licenses limits for foreign participation. In 2001, the central bank laun ched a Financial Sector compass Plan to recuperate the financial sectorafter the financial crisis in Asia, with an emphasis on Islamic Banks.Poverty is still a big erupt to be solved. Urban poverty seems to have been neglected in the favor of rural poverty, because it is considered that only 2 percent of the urban population lives in poverty. Malaysias economy managed to sustain a fast economic development in the last thirty years. It has reduced poverty and provided a better environment for the ethnic groups in the country. The World Bank confirms the fact that growth was registered in all Malaysian sectors. Growth was continuous for 5 years mostly due to domestic consumption. The private investments led to a private sector, increasing the countrys economy.http//www.articlesbase.com/economics-articles/malaysian-economy-821769.html