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Malaysia Economic Forecast In 2015

February 11, 2015 | Sharon Cheong

As a newly industrialized market economy, Malaysia has had a strong economic record in Asia for the past 50 years. They were the third largest economy located in the ASEAN region with a Gross Domestic Product that has steadily grown each year. In 2014, the rate of growth was 6.5% and today the Gross Domestic Product has reached approximately $746.821 billion, giving Malaysia one of the best economic records in all of Asia.

A Vision for the Future of Malaysia

In 1991, Mahathir bin Mohamad, a former Prime Minister, put together an extensive plan called “Vision 2020” where he outlined many of the changes that would need to take place in order for Malaysia to move into the position of “developed country status”. The country leaders have stayed on track to accomplish this with various programs like the Economic Transformation Programme and the Government Transformation Programme. One report from the Hongkong and Shanghai Banking Corporation (HSBC) declares that Malaysia will become the 21st largest economy in the world by 2050.

These changes and predictions will be fueled by a number of important factors:

  • Import/export of petroleum and petroleum products
  • Natural gas production
  • Import/export of electronics
  • The extended Malaysian life expectancy
  • Excellent schooling and educational systems
  • A high fertility rate

Malaysia statistically rebounds better and faster than other Asian markets during downturns. The industrial sector, local and foreign investors often lead the country's growth. The Chinese represent about one-third of the population and yet they account for around 70 per cent of the nation's market capitalization. Chinese companies work within the larger Bamboo Network, a complex system that includes Chinese businesses that share the Southeast Asian market and have cultural and family ties there.

Elite Business Centers

The Petronas Towers are the tallest twin-towers in the world and the National Oil Company headquarters are located there. The nearby Strait of Malacca makes an excellent shipping route for exporters and importers with key products shipped in and out of the country daily. Petroleum is a leading export item, along with agricultural products, tin, and rubber, along with many others.

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