Present Malaysia Economy

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PRESENT MALAYSIA ECONOMY
Malaysia was a producer of raw materials once upon a time. Malaysia then transformed and emerged into a multi-sector economy. Malaysia had few strategies to add value to the production chain. Those strategies are, for example, attracting investments in Islamic finances, high technology industries, biotechnology and services. Government made a lot of efforts to increase the domestic demands so as to decrease the economy dependence on exports only. Malaysia’s exports include electronics, gas and oil, palm oil and the list just goes on. These exports are the main and significant driver of Malaysian economy. As the oil and gas exporter, Malaysia gain profit from the higher world energy prices. Government of Malaysia is also trying to reduce the dependence on Petronas. Oil and gas industry in Malaysia has contributed 35% to the government revenue in 2011.
During the 2010 budget, our Prime Minister came launched the new policy which is the National Transformation Policy (NTP) to replace the previous policy, National Vision Policy (NVP). NVP previously assimilated past key strategies of demolishing poverty inconsiderate of which race you are, restructuring the society and continuing with balanced development. Meanwhile, NTP comprises two programmes which are Government Transformation Programme (GTP) and the Economic Transformation Programme (ETP). The objective of GTP is to transform Malaysia into a high- income and developed country by 2020. GTP is mainly to maintain public virtue. It has been practiced so as to improvise public services, regardless of races and ethnics. On the other hand, ETP is carried out to transform the Malaysia’s economy. ETP’s aim is to level up the nation’s income by accelerating the ...

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Based on the findings, I think that the present Malaysia is at a good level. Further steps or policies should be introduced so as to improvise and also develop our economic growth. The goals of full employment, stability and economic growth are very significant in the growth of economy. Malaysia should work on more on each goal so as to improve the society’s well-being. For instance, more employment is better less, stable goods prices are better than inflation and economic growth is better than stagnation.

REFERENCES
1. Malaysia GDP per capita. Trading Economics. Retrieved form http://www.tradingeconomics.com/malaysia/gdp-per-capita
2. Malaysia Economics Indicators. Trading Economics. Retrieved from http://www.tradingeconomics.com/malaysia/indicators
3. Malaysia Economics Profile 2013. Retrieved from http://www.indexmundi.com/malaysia/economy_profile.html

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