2014 Economic Review of Malaysia

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2014 Economic Review of Malaysia

March 09, 2015 | Sharon Cheong

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During 2014, Malaysia's growth rate was 6.5%, resulting in over $700 billion in the Gross Domestic Product. This showing was among the finest economic records across Asia. The newly industrialized market economy has grown year by year to become a top ASEAN economy in 2014. With an advanced industrial sector and abundant natural resources, Malaysia offers so much to visitors and investors. 

The Malaysian economy was in total recovery during 2014 from the global financial meltdown, a recovery which continues today. The availability of reliable transportation for workers and tourists helped the economy to grow at a more rapid rate. Malaysia values innovation and strives for better economic opportunities for its population. 

A Vision for the Future of Malaysia 

The government of Malaysia has put in place a number of forward-thinking policies to encourage small business growth. Vision 2020, an extensive plan that was originally outlined by Mahathir bin Mohamad in 1991, called for significant changes in Malaysia's economic development. The economic growth was led by several important factors, including the manufacture of electronics, natural gas production and better educational opportunities. 

Export and Import Sectors 

As Malaysia continued to grow throughout 2014, the industrial sector, along with local and foreign investors, grew in proportion. As in years past, the import/export trade thrived due to the close proximity of the Strait of Malacca. With thousands of shipments going in and out of the region each year, many major industries saw robust profits. 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. 

The Manufacturing Sector 

Malaysia was an important manufacturer of a wide range of high end products during 2014. Because of the abundant labor force, profits can quickly escalate for those involved in the manufacture of flat-screen televisions, cameras, computers, smartphones, digital components, GPS, motherboards and other similar products. With numerous manufacturing plants across Malaysia, a growing number of products were made allowing a robust overall profit margin for manufacturers. 

Exclusive Business Center 

In Malaysia, business owners can enjoy all the luxuries of office space in the Nu Towers, located in the commercial center of Kuala Lumpur, just beside the KL Sentral Station, which is the hub for the whole transportation system for the whole Klang Valley. Get beautifully furnished and fully staffed Servcorp office suites situated in Nu Tower 2, along with skilled teams of IT and HR people, including bi-lingual personnel available when you need them. 

The other two locations where you can get Servcorp Serviced and Virtual Offices in Kuala Lumpur are Menara Standard Chartered and Menara Citibank.

 

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Published by: SERVCORP