Economy of Malaysia

Economy of Malaysia

IOR-ARC, WTO, JETRO, RCEP, CPTPP, EAS, AFTA
Country group	Developing/Emerging[1] Upper-middle income country [2] Newly industrialized country
Statistics
Population	33,938,221 (2022)[3]
GDP	$445.519 billion ( nominal; 2024 est.)[4] $1.306 trillion (PPP; 2024 est.)[4]
GDP rank	36th (nominal; 2024) 30st (PPP; 2024)
GDP growth	3.1% (2021)[5] 8.7% (2022)[5]
GDP per capita	$13,315 (nominal; 2024 est.)[4] $39,030 (PPP; 2024 est.)[4]
GDP per capita rank	66th (nominal; 2023) 55th (PPP; 2023)
GDP by sector	agriculture: 6.30% industry: 24.0% services: 58.6% (2022)[6]
Inflation (CPI)	1.5% (January 2024)[4]
Population below poverty line	0.6% (2023f)[citation needed] 2.9% on less than $5.50/day (2022)[7]
Gini coefficient	41.2 medium (2018, World Bank)[8]
Human Development Index	0.807 very high (2022)[9] (62nd) N/A IHDI (2021)[10]
Labour force	16,760,000 (Jan 2023)[11] 69.8% employment rate (Jan 2023)[12]
Labour force by occupation	agriculture: 10.28% industry: 27.01% services: 62.72% (2019 est.)[13]
Unemployment	3.4% (Sep 2023) vehicles , optical & scientific equipment, manufactures of metal, rubber, wood and wood products
Main export partners	China 21.51%  Singapore 9.2%  United States 8.72%  Japan 7.69% (2022)[15]
Imports	$234 billion (2022 est.) chemicals , petroleum, plastics, vehicles, manufactures of metal, iron and steel products
Main import partners	China 16.18%  Singapore 14.45%  United States 11.10%  Japan 6.36%  Hong Kong 6.93% (2022)[15]
FDI stock	$194 billion (2023 est.)[17]
Current account	$11.639 billion (2023 est.)[4]
Gross external debt	$273.9 billion (31 March 2022 est.)[13]
Public finances
Government debt	66.909% of GDP (2023 est.)[4]
Budget balance	−4.690% (of GDP) (2023 est.)[4]
Revenues	50.30 billion (2021 est.)[13]
Expenses	75.67 billion (2021 est.)[13]
Economic aid	$31.6 million (2005 est.)
Credit rating	Standard & Poor's:[18] A− Outlook: Stable Moody's:[19] A3 Outlook: Stable Fitch:[20] BBB+ Outlook: Stable
Foreign reserves	US$110.1 billion (29 September 2023)[21]
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The

As one of three countries that control the Strait of Malacca, international trade plays a very significant role in Malaysia's economy.^[29] At one time, it was the largest producer of tin, rubber and palm oil in the world.^[30] Manufacturing has a large influence in the country's economy, accounting for over 40% of the GDP.^[31]

In the 1970s, Malaysia began to imitate the four Asian Tiger economies (Hong Kong, Singapore, South Korea, and Taiwan) and committed itself to a transition from being reliant on mining and agriculture to an economy that depends more on manufacturing. In the 1970s, the predominantly mining and agricultural based Malaysian economy began a transition towards a more multi-sector economy. Since the 1980s the industrial sector has led Malaysia's growth. High levels of investment played a significant role in this. With Japanese investment, heavy industries flourished and in a matter of years, Malaysian exports became the country's primary growth engine. Malaysia consistently achieved more than 7% GDP growth along with low inflation in the 1980s and the 1990s.

In 1991, former Prime Minister of Malaysia,

According to a HSBC report in 2012, Malaysia will become the world's 21st largest economy by 2050, with a GDP of $1.2 trillion (Year 2000 dollars) and a GDP per capita of $29,247 (Year 2000 dollars). The report also says "The electronic equipment, petroleum, and liquefied natural gas producer will see a substantial increase in income per capita. Malaysian life expectancy, relatively high level of schooling, and above average fertility rate will help in its rapid expansion." Viktor Shvets, the managing director in Credit Suisse, has said "Malaysia has all the right ingredients to become a developed nation."^[38]

In the beginning of 2020, the Malaysian economy was severely afflicted by the

Economic policies

Monetary policy

Malaysian ringgit was an internationalised currency, which was freely traded around the world. Just before the crisis, the Ringgit was traded RM2.50 at the dollar. Due to speculative activities, the Ringgit fell to as much as RM4.10 to the dollar in matter of weeks. Prime Minister Mahathir Mohamad decided to impose capital controls to prevent the outflow of the Ringgit in the open market. The Ringgit became non-internationalised and a traveller had to declare to the central bank if taking out more than RM10,000 out of the country and the Ringgit itself was pegged at RM3.80 to the US dollar.

The fixed exchange rate was abandoned in favour of the floating exchange rate in July 2005, hours after China announced the same move.^[39] At this point, the Ringgit was still not internationalised. The Ringgit continued to strengthen to 3.18 to the dollar by March 2008 and appreciated as low as 2.94 to the dollar in May 2011. Meanwhile, many aspects of capital control have been slowly relaxed by Bank Negara Malaysia. However, the government continues to not internationalise the Ringgit. The government stated that the Ringgit will be internationalised once it is ready.^[40]

Bank Negara Malaysia for the time being, uses interest rate targeting. The

Affirmative action

Tun Abdul Razak, who was then the Prime Minister, implemented the

The Malaysian New Economic Policy was created in 1971 with the aim of bringing Malays a 30% share of the economy of Malaysia and eradicating poverty amongst Malays, primarily through encouraging enterprise ownership by Bumiputeras. After 40 years of the program, bumiputra equity ownership rose to 23% worth RM167.7 billion in 2010 against 2.4% in 1970.

The NEP was accused of creating an

Wolfgang Kasper, a professor of economics at University of New South Wales, and once an adviser to Malaysia's Finance Ministry, criticized the NEP, saying that "NEP handouts (are) making Malays lazy, corrupt & swell-headed. Worst of all, it keeps them poor." He also criticized the Federal Government giving cash-handouts and financial aid instead of providing equal access to education to help the marginalized poor to lift their income status.

On 21 April 2009, the prime minister

On 30 June 2009, the prime minister announced further liberation moves including the dismantling of the Bumiputera equity quotas and repealing the guidelines of the Foreign Investment Committee, which was responsible to monitor foreign shareholding in Malaysian companies. However, any Malaysian companies that wished to list in Malaysia would still need to offer 50 percent of public shareholding spread to Bumiputera investors.[48]

Subsidies and price controls

The Malaysian government subsidises and controls prices on a lot of essential items to keep the prices low. Prices of items such as palm oil, cooking oil, petrol, flour, bread, rice and other essentials have been kept under market prices to keep cost of living low.[49] As of 2009, 22 per cent of government expenditures were subsidies, with petrol subsidies alone taking up 12 per cent.^[50]

Since 2010, the government has been gradually reforming Malaysia's subsidy system, via a series of reductions in subsidies for fuel and sugar to improve government finances and to improve economic efficiency. As a result, in December 2014, the government officially ended all fuel subsidies and implemented a 'managed float' system,^[51] taking advantage of low oil prices at the time, potentially saving the government almost RM20 billion ringgit (US$5.97 billion) annually.^[52]

Sovereign wealth funds

The government owns and operates several

Another fund that is owned by the Malaysian government is the Employees Provident Fund which is a retirement fund that as of 31 March 2014, has an asset size of RM597 billion. (US$184 billion),^[56] making it the fourth largest pension fund in Asia and seventh largest in the world.^[57] Like Khazanah Nasional, the EPF invests and sometimes owns several major companies in Malaysia such as RHB Bank.^[58] EPF investment is diversified over a number of sectors but almost 40% of their investment are in the services sector.^[59]

Permodalan Nasional Berhad is another major fund manager controlled by the Malaysian Government. It offers capital guaranteed mutual funds such as Amanah Saham Bumiputera and Amanah Saham Wawasan 2020 which are open only to Malaysian and in some cases, Bumiputeras.^[60]

Government influence

Although the federal government promotes private enterprise and ownership in the economy, the economic direction of the country is heavily influenced by the government through five years development plans since independence. The economy is also influenced by the government through agencies such as the Economic Planning Unit and government-linked wealth funds such as

The government's development plans, called the Malaysian Plan, currently the Tenth Malaysia Plan, started in 1950 during the British colonial rule.^[61] The plans were largely centred around accelerating the growth of the economy by selectively investing in selective sectors of the economy and building infrastructure to support said sectors.^[61] For example, in the current national plan, three sectors – agriculture, manufacturing and services, will receive special attention to promote the transition to high value-added activities in the respective areas.^[62]

Government-linked investment vehicles such as

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 5% is in green. [63]

Year	GDP (in Bil. US$PPP)	GDP per capita (in US$ PPP)	GDP (in Bil. US$nominal)	GDP per capita (in US$ nominal)	GDP growth (real)	Inflation rate (in Percent)	Unemployment (in Percent)	Government debt (in % of GDP)
1980	46.3	3,337.8	26.8	1,927.0	7.4%	6.7%	n/a	n/a
1981	54.3	3,813.0	27.3	1,920.1	6.9%	9.7%	n/a	n/a
1982	61.0	4,182.4	29.3	2,006.5	5.9%	5.8%	n/a	n/a
1983	67.4	4,505.6	32.7	2,189.6	6.3%	3.7%	n/a	n/a
1984	75.2	4,908.0	37.1	2,419.5	7.8%	3.9%	n/a	n/a
1985	76.9	4,862.0	34.1	2,154.5	-0.9%	2.6%	6.9%	n/a
1986	79.4	4,883.2	30.3	1,864.0	1.2%	0.4%	8.3%	n/a
1987	85.7	5,139.6	34.5	2,070.0	5.4%	0.7%	8.2%	n/a
1988	97.6	5,708.0	37.8	2,213.9	9.9%	0.3%	8.1%	n/a
1989	110.6	6,316.4	41.7	2,380.5	9.1%	2.6%	6.7%	n/a
1990	125.1	6,846.2	47.2	2,585.8	9.0%	3.0%	5.1%	74.1%
1991	141.6	7,636.5	53.5	2,885.1	9.5%	4.3%	4.3%	67.3%
1992	157.7	8,272.5	64.5	3,380.2	8.9%	4.8%	3.7%	59.1%
1993	177.5	9,053.0	72.9	3,717.4	9.9%	3.5%	3.0%	51.1%
1994	197.9	9,827.3	81.1	4,028.4	9.2%	3.7%	2.9%	43.7%
1995	222.0	10,731.8	96.6	4,672.1	9.8%	3.5%	3.1%	38.2%
1996	248.6	11,715.0	109.9	5,176.3	10.0%	3.5%	2.5%	32.8%
1997	271.4	12,469.0	108.8	4,997.0	7.3%	2.7%	2.4%	29.6%
1998	254.3	11,386.4	78.6	3,520.9	-7.4%	5.3%	3.2%	33.6%
1999	273.7	11,946.7	86.2	3,762.8	6.1%	2.7%	3.4%	34.4%
2000	304.2	12,945.8	102.1	4,347.7	8.7%	1.6%	3.1%	32.5%
2001	312.6	12,959.3	101.1	4,189.1	0.5%	1.4%	3.7%	38.1%
2002	334.6	13,532.2	109.8	4,441.8	5.4%	1.8%	3.5%	39.5%
2003	361.0	14,256.3	120.0	4,740.3	5.8%	1.1%	3.6%	41.4%
2004	395.8	15,278.8	135.9	5,244.9	6.8%	1.4%	3.6%	42.0%
2005	428.5	16,184.8	150.4	5,678.7	5.0%	3.0%	3.6%	40.8%
2006	466.4	17,383.1	170.5	6,355.0	5.6%	3.6%	3.3%	39.7%
2007	509.2	18,789.4	202.9	7,485.9	6.3%	2.0%	3.2%	39.3%
2008	544.0	19,711.4	242.1	8,771.0	4.8%	5.4%	3.3%	39.4%
2009	539.2	19,202.1	212.0	7,550.3	-1.5%	0.6%	3.7%	50.4%
2010	586.8	20,525.5	258.8	9,054.1	7.5%	1.7%	3.3%	51.2%
2011	630.7	21,701.7	302.6	10,413.7	5.3%	3.2%	3.1%	51.9%
2012	677.6	22,963.3	319.2	10,815.1	5.5%	1.7%	3.0%	53.8%
2013	701.7	23,224.6	328.1	10,858.4	4.7%	2.1%	3.1%	55.7%
2014	745.4	24,273.0	343.1	11,172.4	6.0%	3.1%	2.9%	55.4%
2015	750.8	24,074.1	301.4	9,663.3	5.0%	2.1%	3.2%	57.0%
2016	783.9	24,779.9	301.9	9,544.2	4.5%	2.1%	3.5%	55.8%
2017	829.3	25,897.2	319.2	9,969.5	5.8%	3.8%	3.4%	54.4%
2018	890.2	27,491.3	359.0	11,086.1	4.8%	1.0%	3.3%	55.6%
2019	946.1	29,091.6	365.3	11,231.5	4.4%	0.7%	3.3%	57.1%
2020	904.6	27,760.7	337.6	10,361.3	-5.5%	-1.1%	4.5%	67.7%
2021	971.3	29,702.4	373.0	11,407.7	3.1%	2.5%	4.7%	69.0%
2022	1,096.5	33,112.7	434.1	13,107.9	5.4%	3.2%	4.5%	69.6%
2023	1,185.3	35,353.6	467.5	13,942.6	4.4%	2.8%	4.3%	70.0%
2024	1,269.7	37,416.1	503.1	14,826.0	4.9%	2.4%	4.2%	70.0%
2025	1,350.5	39,335.8	539.6	15,717.8	4.4%	2.4%	4.2%	70.2%
2026	1,437.2	41,395.7	577.2	16,623.9	4.4%	2.4%	4.2%	70.2%
2027	1,522.7	43,387.1	615.0	17,523.6	3.9%	2.5%	4.2%	70.6%

Currency

The only legal tender in Malaysia is the Malaysian ringgit. As of 19 February 2024, the ringgit is traded at MYR 4.78 at the US dollar.^[64]

The ringgit has not been internationalised^{[clarification needed]} since September 1998, due to the 1997 Asian financial crisis in which the Prime Minister Mahathir Mohamad imposed capital controls on the currency, due to speculative short-selling of the ringgit.^[65] As a part of series of capital controls, the currency was pegged between September 1998 and 21 July 2005 at MYR 3.80 to the dollar after dropping from MYR 2.50 per USD to, at one point, MYR 4.80 per USD.^[66]

In recent years, Bank Negara Malaysia has begun to relax certain rules on capital controls, although the currency itself is still not traded internationally. According to the Bank Governor, the ringgit will be internationalised when it is ready.^[67]

In September 2010, in an interview with

Malaysia is well-endowed with natural resources in areas such as agriculture, forestry and minerals. It is an exporter of natural and agricultural resources, the most valuable exported resource being petroleum.^[69] In the agricultural sector, Malaysia is one of the top exporters of natural rubber and palm oil, which together with timber and timber products, cocoa, pepper, pineapple and tobacco dominate the growth of the sector.^[70] As of 2011, the percentage arable land in Malaysia is 5.44%. Croplands consists of 17.49% while other land uses consists of 77.07%.^[71] As of 2009, irrigated land covers 3,800 km². Total renewable water resources make up 580 cubic km as of 2011.

In 2019, the country was the 11th largest world producer of manganese;^[73] the 11th largest world producer of tin,^[74] the 12th largest world producer of bauxite,^[75] and the 19th largest world producer of lime.^[76]

Energy resources

Malaysia holds

In 2015, Malaysia's economy was one of the most competitive in the world, ranking 14th in the world and 5th for countries with a population of over 20 million, higher than countries like Australia, United Kingdom, South Korea and Japan.^[78]

In 2015, Malaysia was the 6th most attractive country for foreign investors, ranked in the Baseline Profitability Index (BPI) published by Foreign Policy Magazine.^[79]

The government is moving towards a more business friendly environment by setting up a special task force to facilitate business called PEMUDAH, which means "simplifier" in Malay.^[80] Highlights includes easing restrictions and requirement to hire expatriates, shorten time to do land transfers and increasing the limit of sugar storage (a controlled item in Malaysia) for companies.^[81]

Malaysia was ranked 33rd in the Global Innovation Index in 2020, up from 35th in 2019.^{[82][83][84][85]}

Taxation

In 2016, the Inland Revenue Board of Malaysia lowered the effective tax rate to 24% for businesses with capital exceeding 2.5 million ringgit. For the smaller companies, the rate is 19%.^[86]

The Malaysian government also imposes government taxes such as the Sales and Services tax and real estate taxes. The current rate of SST is at 6% while disposal of property is subject to a schedule of period holding the property.^[87]

External trade

See also:

external trade totaled RM2,227 billion (approximately US$530 billion), made up of RM1,239 billion (approximately US$295 billion) of exports and RM987 billion (approximately US$235 billion) of imports, making Malaysia the world's 21st largest exporter and the world's 25th largest importer

.

Malaysia's largest trading partner is China. Malaysia has been China's top trading partner within ASEAN for five years in a row since 2008. The two-way trade volume between China and Malaysia in 2013 reached $106 billion, making Malaysia China's third-largest trade partner in Asia, just behind Japan and South Korea and eighth largest overall.^[88] On 31 May 2014, during Najib Razak's visit to China where he was welcomed by China's Premier Li Keqiang, China and Malaysia pledged to increase bilateral trade to US$160 billion by 2017. They also agreed to upgrade economic and financial co-operation, especially in the production of halal food, water processing and railway construction.^[89]

Malaysia's second largest trading partner is Singapore and Malaysia is Singapore's biggest trading partner, with bilateral trade totalling roughly US$91 billion in 2012, accounting for over a fifth of total trade within ASEAN.^[90][91]

Malaysia's third largest trading partner is Japan, amounting RM137.45 billion (US$42 billion) of trade in 2014, an increase of 1.4% compared with to 2013. Out of this, exports totalled RM82.71 billion (US$25.6 billion), a growth of 4.4% cent while imports contracted 2.9% to RM54.75 billion (US$16.74 billion). Malaysian Ambassador to Japan Datuk Ahmad Izlan Idris said the main exports from Malaysia to Japan were liquefied natural gas (LNG), electrical and electronics as well as chemical-based products. He said Malaysia's main imports from Japan were electrical and electronics, machines and equipment as well as spare parts and accessories for vehicles and cars.^[92]

Malaysia is an important trading partner for the United States. In 1999, two-way bilateral trade between the US and Malaysia totalled US$30.5 billion, with US exports to Malaysia totalling US$9.1 billion and US imports from Malaysia increasing to US$21.4 billion. Malaysia was the United States' 10th-largest trading partner and its 12th-largest export market. During the first half of 2000, US exports totalled US$5 billion, while US imports from Malaysia reached US$11.6 billion.

Agriculture sector

Main article: Agriculture in Malaysia

Agriculture is now a minor sector of the Malaysian economy, accounting for 7.1% of Malaysia's GDP in 2014 and employing 11.1% of Malaysia's labour force, contrasting with the 1960s when agriculture accounted for 37% of Malaysia's GDP and employed 66.2% of the labour force. The crops grown by the agricultural sector has also significantly shifted from food crops like paddy and coconut to industrial crops like palm oil and rubber, which in 2005 contributed to 83.7% of total agricultural land use, compared to 68.5% in 1960.^[93]

Palm Oil Industry

Despite its minor contribution to Malaysia's

GDP, Malaysia has a significant foothold in the world's agricultural sector, being the world's second largest producer of palm oil in 2012^[94] producing 18.79 million tonnes of crude palm oil on roughly 5,000,000 hectares (19,000 sq mi) of land.^[95][96] Though Indonesia produces more palm oil, Malaysia is the world's largest exporter of palm oil having exported 18 million tonnes of palm oil products in 2011.^[97]

In March 2019, the European Commission concluded that palm oil cultivation results in excessive deforestation and its use in transport fuel should be phased out by 2030. In response, Mahathir Mohamad alleged that the European Union is at risk of starting a trade war with Malaysia regarding its "grossly unfair" policies geared towards decreasing the use of palm oil, which Mahathir stated was "unfair" and an example of "rich people...[trying] to impoverish poor people".^[98]

Industry sector

Science policies in Malaysia are regulated by the Ministry of Science, Technology, and Innovation. The country is one of the world's largest exporters of semiconductor devices, electrical devices, and IT and communication products.^[69]

Malaysia's industrial sector accounts for 36.8%, over a third of the country's GDP in 2014, and employs 36% of the labour force in 2012. The industrial sector mostly contributed by the

construction industry

.

Electrical and electronics

The electrical & electronics (E&E) industry is the leading sector in Malaysia's manufacturing sector, contributing significantly to the country's exports (32.8 per cent) and employment (27.2 per cent) in 2013. Malaysia benefits from the global demand in the usage of

LEDs).^[99]

Electronic components

Products/activities which fall under this sub-sector include

printed circuits

and other components such as media, substrates and connectors.

Within the electronic components sub-sector, the semiconductor devices is the leading contributor of exports for the E&E industry. Exports of semiconductor devices were RM111.19 billion or 47% of the total E&E products exported in 2013.

Malaysia is a major hub for electrical component manufacturing, with factories of international companies like

Renesas, X-Fab and major Malaysian-owned companies such as Green Packet, Silterra, Globetronics, Unisem and Inari which have contributed to the steady growth of the semiconductor industry in Malaysia. To date, there are more than 50 companies, largely MNCs producing semiconductors devices in Malaysia.^[99]

Photovoltaics

See also:

Kulim

In 2013, Malaysia's total production capacity for

solar cells and solar panels totalled 4,042 MW.^[102] By 2014, Malaysia was the world's third largest manufacturer of photovoltaics equipment, behind China and the European Union.^[100]

Many international companies have the majority of production capacity located in

Hanwha Q Cells which produces 1,100 MW worth of solar cells in Cyberjaya while producing only 200 MW worth of solar cells in Germany. SunPower's largest manufacturing facility with a capacity of 1,400 MW is also located in Malacca.^[100][104]

Automotive

Proton

.

See also: Automotive industry in Malaysia

The automotive industry in Malaysia consists of 27 vehicle producers and over 640 component manufacturers.^[105] The Malaysian automotive industry is the third largest in Southeast Asia, and the 23rd largest in the world, with an annual production output of over 500,000 vehicles.^[106] The automotive industry contributes 4% or RM 40 billion to Malaysia's GDP, and employs a workforce of over 700,000 throughout a nationwide ecosystem.^[105]

The Malaysian automotive industry is Southeast Asia's sole pioneer of indigenous car companies, namely

Proton and Perodua. In 2002, Proton helped Malaysia become the 11th country in the world with the capability to fully design, engineer and manufacture cars from the ground up.^[107]

The Malaysian automotive industry also hosts several domestic-foreign joint venture companies, which assemble a large variety of vehicles from imported complete knock down (CKD) kits.

Malaysia's first tech unicorn startup, automotive e-commerce platform Carsome, raised $290 million in a Series E funding round to expand its product, technology and infrastructure in Malaysia, Indonesia and Thailand. This latest funding round values the used-car online marketplace at $1.7 billion.[108]

Construction

Malaysia has a large construction industry of over RM102.2 billion (US$32 billion). The highest percentage share was contributed by construction of non-residential buildings which recorded 34.6 per cent. This was followed by

residential buildings (29.7%), and special trades (5.1%).^[109]

Selangor recorded the highest value of construction work done at 24.5% among the states, followed by Johor at 16.5%, Kuala Lumpur at 15.8%, Sarawak at 8.6% and Penang at 6.4%. The contribution of these five states accounted for 71.8% of the total value of construction work in Malaysia.

The expansion of the construction industry has been catalysed by major capital expenditure projects, and a key factor has been the government's Economic Transformation Programme (ETP) and public-private partnership (PPP) mega-projects like

KVMRT and Iskandar Malaysia.^[109]

Defence

Kedah-class

warship, with another unit being built in the background

Malaysia has a relatively new

defence industry that was created after the government created the Malaysia Defence Industry Council

to encourage local companies to participate in the country's defence sector in 1999.

The land sector of the defence industry is dominated by

ACV-15 infantry fighting vehicles to the Malaysian Army in the past and is currently supplying the DefTech AV8 amphibious multirole armoured vehicle to the Malaysian Army

.

The sea sector of the defence industry is dominated by

Second Generation Patrol Vessels

for the RMN.

Services sector

Finance and banking

Kuala Lumpur has a large financial sector, and is ranked the 22nd in the world in the Global Financial Centres Index.^[110] There are currently 27

Islamic banks

(10 domestic and 6 foreign), 15 investment banks (all domestic) and 2 other financial institutions (both domestic) operating in Malaysia.

Commercial banks are the largest and most significant providers of funds in the banking system. The biggest banks in Malaysia's finance sector are Maybank, CIMB, Public Bank Berhad, RHB Bank and AmBank.

Malaysia is currently also the world's largest

UAE, has US$95 billion of assets.^[112]

Malaysia is the global leader in terms of the sukuk (Islamic bond) market, issuing RM62 billion (US$17.74 billion)^[113] worth of sukuk in 2014 - over 66.7%^[114] of the global total of US$26.6 billion^[111][115] Malaysia also accounts for around two-thirds of the global outstanding sukuk market, controlling $178 billion of $290 billion, the global total.^[116]

The Malaysian government is planning to transform the country's capital Kuala Lumpur into a major financial centre in a bid to raise its profile and spark greater international trade and investment through the construction of the Tun Razak Exchange (TRX). The government believes the project will allow Malaysia to compete with regional financial superpowers such as Singapore and Hong Kong, by leveraging on the country's established strength in the rapidly growing Islamic financial marketplace.^[111]

Based in Kuala Lumpur, Bursa Malaysia serves as the country's sole national stock exchange. Trading of shares started in 1960 and it is today one of the largest bourses in Southeast Asia.^[117][118]

Tourism

Main article: Tourism in Malaysia

Tourism is a huge sector of the Malaysian economy, with over 57.1 million domestic tourists generating RM37.4 billion (US$11 billion) in tourist receipts in 2014,^[119] and attracting 27,437,315 international tourist arrivals,^[120] a growth of 6.7% compared to 2013. Total international tourist receipts increased by 3.9% to RM60.6 billion (US$19 billion) in 2014.^[121]

United Nations World Tourism Organisation (UNWTO) listed Malaysia as the 10th most visited country in 2012.^[122]

Malaysia is rich with diverse natural attractions which become an asset to the country's tourism industry. This was recognised by the World Travel & Tourism Council (WTTC), who declared Malaysia as "a destination full of unrealized potential" with the main strength as the availability of a vast range of diverse attractions to suit all tastes relatively affordable prices and; largely unspoilt destination.^[123]

Malaysia's top tourist destinations are the

Mulu Caves, Perhentian Islands, Langkawi, Petronas Towers and Mount Kinabalu.^[124]

Medical tourism

See also: Medical tourism in Malaysia

Medical tourism is a significant sector of Malaysia's economy, with an estimated 1 million travelling to Malaysia specifically for medical treatments alone in 2014, contributing around US$200 million (about RM697 mil) in revenue to the economy.^[125]

Malaysia is reputed as one of the most preferred medical tourism destinations with modern private healthcare facilities and highly efficient medical professionals.^[126] In 2014, Malaysia was ranked the world's best destination for medical tourism by the Nomad Capitalist.^[127] Malaysia was also included in the top 10 medical tourism destinations list by CNBC.^[128]

In 2014, Prince Court Medical Centre, a Malaysian hospital, was ranked the world's best hospital for medical tourists by MTQUA.^[129]

The Malaysian government targets to hit RM 9.6 billion (US$3.2 billion) in revenue from 1.9 million foreign patients by 2020.^[126]

Oil and gas

Malaysia has a vibrant

oil and gas industry. The national oil company, Petronas is ranked the 69th biggest company in the world in the Fortune 500 list in 2014, with a revenue of over US100.7 billion and total assets of over US$169 billion. Petronas provides around 30% of the Malaysian government's revenue, although the government has been actively cutting down on its reliance of petroleum, with a target of 20%.^[130]

Petronas is also the custodian of oil and gas reserves for Malaysia. Hence, all oil and gas activities are regulated by Petronas. Malaysia encourages foreign oil company participation through production sharing contracts, in which significant amount of oil will be given away to the foreign oil company until it reaches a production milestone. Currently, many major oil companies such as

Nippon Oil, and Murphy Oil are involved in such contracts.^[131] As a result, 40% of oil fields in Malaysia are developed.^[132]

There are over 3,500 oil and gas (O&G) businesses in Malaysia comprising international oil companies, independents, services and manufacturing companies that support the needs of the O&G value chain both domestically and regionally. Many major global machinery & equipment (M&E) manufacturers have set up bases in Malaysia to complement home-grown M&E companies, while other Malaysian oil and gas companies are focused on key strategic segments such as marine, drilling, engineering, fabrication, offshore installation and operations and maintenance (O&M).

Infrastructure

The infrastructure of Malaysia is one of the most developed in Asia.

Kulim Hi-Tech Park.^[99] Fresh water is available to over 95 per cent of the population. During the colonial period, development was mainly concentrated in economically powerful cities and in areas forming security concerns. Although rural areas have been the focus of great development, they still lag behind areas such as those in the west coast of Peninsular Malaysia.^[137] The telecommunication network, although strong in urban areas, is less available to the rural population.^[135]

Energy

See also: Energy policy of Malaysia, Tenaga Nasional, List of power stations in Malaysia, and National Grid (Malaysia)

Malaysia's energy infrastructure sector is largely dominated by

kilovolts

.

In 2013, Malaysia's total power generation capacity was over 29,728

GWh and total electricity consumption was 116,087.51 GWh.^[139]

Energy production in Malaysia is largely based on oil and natural gas, owing to Malaysia's oil reserves and natural gas reserves, which is the fourth largest in

Asia-Pacific after China, India and Vietnam.^[140]

Malaysia has also significant renewable energy resources and has high potential for the development of large-scale solar power and it has one of the most advanced legal frameworks in the ASEAN region for promoting renewables.[141] The country set a 20% target of renewable energy in its energy mix by 2025 and to achieve this the government will need to improve its renewable energy governance, investment policy and market entry for foreign investors as well to develop a framework for easier grid connection and use.^[141] As of 2021, Malaysia is one of the major producers of solar panels for the international market, but paradoxically it has yet to fully capitalize on this for domestic electricity generation.^[142]

Transport network

See also: Transport in Malaysia

Road network

Malaysia's road network is one of the most comprehensive in Asia and covers a total of 144,403 kilometres (89,728 mi).

The main national road network is the

Federal Highway linking Klang to Kuala Lumpur, is paved with asphalt

.

Malaysia has over 1,798 kilometres (1,117 mi) of highways and the longest highway, the North–South Expressway, extends over 800 kilometres (497 mi) on the West Coast of Peninsular Malaysia, connecting major urban centres like Kuala Lumpur and Johor Bahru. In 2015, the government announced a RM27 billion (US$8.23 billion) Pan-Borneo Highway project to upgrade all trunk roads to dual carriage expressways, bringing the standard of East Malaysian highways to the same level of quality of Peninsular highways.^[143][144]

Rail network

See also: Rail transport in Malaysia

There are currently 1,833 kilometres (1,139 mi) of railways in Malaysia, 767 km (477 mi) are

electrified

.

Rail transport in Malaysia comprises

KVMRT

, is currently under construction to improve Kuala Lumpur's public transport system.

The railway network covers most of the 11 states in Peninsular Malaysia. In East Malaysia, only the state of Sabah has railways. The network is also connected to the Thai railway 1,000 mm (3 ft 3+3⁄8 in) network in the north. If the Burma Railway is rebuilt, services to Myanmar, India, and China could be initiated.

Air network

See also: List of airports in Malaysia, List of airlines of Malaysia, and List of the busiest airports in Malaysia

Malaysia has 118 airports, of which 38 are paved. The

Transmile Air Services

.

20th busiest airport by passenger traffic

, recording over 48.9 million passengers.

Other major airports include Kota Kinabalu International Airport, which is also Malaysia's second busiest airport and busiest airport in East Malaysia with over 6.9 million passengers in 2013, and Penang International Airport, with over 5.4 million passengers in 2013.

Sea network

See also: Transport in Malaysia § Waterways

Malaysia is strategically located on the Strait of Malacca, one of the most important shipping lanes in the world.

Malaysia has two ports that are listed in the top 20 busiest ports in the world, Port Klang and Port of Tanjung Pelepas, which are respectively the 2nd and 3rd busiest ports in Southeast Asia after the Port of Singapore.

19th busiest port in the world

in 2013, handling over 7.6 million TEUs.

Free trade efforts

See also: Malaysia–United States Free Trade Agreement

International trade agreements

This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources in this section. Unsourced material may be challenged and removed. (March 2021) (Learn how and when to remove this template message)

Economy	Agreement	Abbreviation	Concluded	Signed	Effective	Legal Text
Japan	Malaysia–Japan Economic Partnership Agreement	MJEPA	13 December 2005	13 December 2005	13 July 2006	[1]
Pakistan	Malaysia–Pakistan Closer Economic Partnership Agreement	MPCEPA	8 November 2007	8 November 2007	1 January 2008	[2]
New Zealand	Malaysia–New Zealand Free Trade Agreementt	MNZFTA	30 May 2009	26 October 2009	1 August 2010	[3]
India	Malaysia–India Comprehensive Economic Cooperation Agreement	MICECA		18 February 2011	1 July 2011	[4]
Chile	Malaysia–Chile Free Trade Agreement	MCFTA	May 2010	13 November 2010	25 February 2012	[5]
Australia	Malaysia–Australia Free Trade Agreement	MAFTA	30 March 2012		1 January 2013	[6]
Turkey	Malaysia–Turkey Free Trade Agreement	MTFTA	15 January 2014	17 April 2014	1 August 2015	[7]
China	ASEAN–China Free Trade Agreement	ACFTA		November 2002	1 January 2010	[8]
Japan	ASEAN–Japan Comprehensive Economic Partnership Agreement	AJCEP		14 April 2008	1 February 2009	[9]
South Korea	ASEAN–Korea Free Trade Agreement	AKFTA			1 January 2010	[10]
India	ASEAN–India Free Trade Agreement	AIFTA		13 August 2009	1 January 2010	[11]
Australia  New Zealand	ASEAN–Australia-New Zealand Free Trade Area Agreement	AANZFTA		27 February 2009	1 January 2010	[12]
Hong Kong	ASEAN–Hong Kong, China Free Trade Agreement	AHKFTA		12 November 2017	13 October 2019	[13]
ASEAN  China  Japan  South Korea  Australia  New Zealand	Regional Comprehensive Economic Partnership	RCEP		15 November 2020	18 March 2022	[14]

Trade agreements under negotiation

• Malaysia-EFTA Economic Partnership Agreement since 2012^[145]
• Malaysia–European Union Free Trade Agreement (MEUFTA)
• Trans-Pacific Partnership Agreement (TPP)
• Trade Prefential System-Organisation of Islamic Conference (TPS-OIC)
• Developing Eight
  (D-8) Preferential Tariff Agreement (PTA)

Investments

This section needs to be updated. Please help update this article to reflect recent events or newly available information. (April 2022)

Malaysia's total accumulated investments in 2014 was RM235.9 billion, with 72.6 per cent (RM171.3 billion) being contributed by domestic sources and 27.4 per cent (RM64.6 billion) coming from foreign sources.^[146]

According to

A.T. Kearney

, a global management consulting firm, Malaysia was ranked 15th in the 2014 Foreign Direct Investment Confidence Index, 9th in 2012, 16th in 2007 and 21st in 2010. The index assesses the impact of political, economic and regulatory changes on the FDI intentions and preferences of the leaders of top companies around the world. ^[147][148]

Rank 2007	Rank 2010	Rank 2012	Rank 2014	Country	FDI Confidence Index
3	2	4	1	United States	2.16
1	1	1	2	China	1.95
–	9	20	3	Canada	1.93
4	10	8	4	United Kingdom	1.91
6	4	3	5	Brazil	1.91
10	5	5	6	Germany	1.84
5	3	2	7	India	1.81
11	7	6	8	Australia	1.76
7	24	7	9	Singapore	1.75
8	13	17	10	France	1.74
20	11	15	11	United Arab Emirates	1.74
19	8	–	12	Mexico	1.72
18	–	11	13	South Africa	1.70
–	–	22	14	Switzerland	1.68
16	21	10	15	Malaysia	1.65
–	–	–	16	Sweden	1.64
–	–	–	17	Chile	1.64
-	–	24	18	Spain	1.63
–	–	21	19	Japan	1.62
–	–	–	20	Italy	1.61
12	–	16	21	Belgium	1.61
6	6	23	22	Netherlands	1.61
–	–	18	23	Denmark	1.61
13	–	19	24	Turkey	1.60
18	23	13	25	Indonesia	1.60

Largest public Malaysian companies

See also: List of largest companies in Malaysia

Fortune Global 500

Malaysia has 1 company that rank in the Fortune Global 500 ranking for 2022.^[149]

World Rank	Company	Industry	Sales ($M)	Profits ($M)	Assets ($M)	Employees
216	Petronas	Oil and gas	59,873	10,091	152,498	46,884

Forbes Global 2000

Malaysia has 8 companies that rank in the Forbes Global 2000 ranking for 2022.^[150]

World rank	Company	Industry	Sales (billion $)	Profits (billion $)	Assets (billion $)	Market value (billion $)
485	Maybank	Banking	9.2	2.0	213.2	24.7
837	Tenaga Nasional	Utilities	12.7	0.883	43.8	11.8
751	Public Bank Berhad	Banking	4.5	1.4	111.1	21.2
895	CIMB Group Holdings	Banking	5.7	1.0	149.3	12.2
1525	RHB Capital	Banking	2.6	0.631	69.5	5.7
1641	Hong Leong Financial Group	Business services & supplies	1.9	0.567	66.7	5.1
1448	Top Glove	Health care equipment & services	3.6	1.6	3.1	10.8
1236	Petronas Chemicals	Chemicals	5.6	1.8	11.5	19.1

See also

• List of Malaysian states by GDP
• Bamboo network
• Malaysian Green Transition

Notes

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Further reading

• Drabble, John (15 May 2000). An Economic History of Malaysia, c.1800-1990: The Transition to Modern Economic Growth. Springer.
  ISBN 9780230389465
  .

External links

• Mahathir bin Mohamad's interview with the PBS series "Commanding Heights" on the subject of East Asian economic development.
• Key Statistics for Malaysia
• Economic Outlook by Economist Intelligence Unit Archived 20 October 2007 at the Wayback Machine
• Khazanah Nasional Berhad SWF Profile
• World Bank Summary Trade Statistics Malaysia

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