malaysia economy billion gdp country largest export

The Economy Of MalaysiaKuala Lumpur, the financial center of Malaysia.The Malaysian economy is a newly industrialized market economy and it is thefourth largest in Southeast Asia ranking the 35th largest in the world.Malaysia is the third richest economy in Southeast Asia by the value of GDPper capita. The economy of the country is highly diversified and robust withthe export value of products that were of high tech which accounted for $63.3billion in 2014 which was second highest behind Singapore. Malaysia is alsothe world’s second largest exporting country of palm oil products afterIndonesia.## Overview Of The Economy Of MalaysiaMalaysia had a GDP by PPP of $815.6 billion and a nominal GDP of 296.2 billionin 2015. The country recorded a GDP growth rate of 5.0% in 2015. In 2015Malaysia’s PPP GDP per capita was estimated at $26,300.20 while the nominalGDP per capita stood at $9,776.206. In 2014 the service sector contributed56.2% while the industry and agriculture sectors contributed 36.8% and 7.1%respectively. In 2015 Malaysia experienced an inflation rate of 3.0% while 1%of its population was living below the poverty line. The country’sunemployment rate in 2014 was 3.1%, and it ranked 18th in regards to ease ofdoing business. The labor force of Malaysia was estimated at 14.4 million in2014 and 2012 it was distributed in the various sectors as follows: services53.5%, industry 36%, and agriculture 11.1%. The country’s foreign investmentswere valued at US$94.5 billion in 2015 while the state’s revenues and expenseswere valued at $65.72 billion and $79.4 billion respectively in 2013.## Leading Industries Of MalaysiaThe service sector of Malaysia is dominated by financial services, tourism,and medical technology. The primary products dominating the Malaysianagricultural industry are palm oil, rubber, paddy, and coconut. The majorindustries in the country are the electronics industry, construction, andautomotive industries.## Top Exports And Export Partners Of MalaysiaMalaysia is ranked 26th largest export economy in the world. The leadingexport goods are electrical and electronic products, liquefied natural gas,palm oil, petroleum, chemicals, machinery, optical and scientific equipment,manufactures of metal, rubber, wood and wood products. The top export partnersare Singapore taking 13.6%, China 12.6%, Japan 11.8%, United States 8.7%,Thailand 5.4%, Hong Kong 4.3% India 4.2%, and Australia taking 4.1% of thetotal exports of Malaysia in 2012.## Top Imports And Import Partners Of MalaysiaMalaysia is the world’s 26th largest importing economy. The country’s topimports are electrical and electrical products, machinery, chemicals,petroleum, plastics, vehicles, metal, iron, and steel products. Malaysia’s topimport partners are China accounting for 15.1%, Singapore with 13.3%, Japanwith 10.3%, the United States with 8.1%, Thailand with 6.0%, Indonesia with5.1%, and South Korea accounting for 4.1% of the total imports of Malaysia in2012.## Challenges To Malaysia’s EconomyThe Malaysian government has been coming up with policies with the aim ofincreasing the income per capita to the full development of a high-incomecountry by the year 2020, but it has been faced with some challenges. Some ofthe challenges to the economy of Malaysia include slow growth in laborproductivity and low wages which are considered to be lagging behind accordingto the OECD standards. The IMF and World Bank have frequently suggested theneed for indigenous innovations and structural reforms to help move Malaysiaup and grant the country an opportunity to break out from the middle-incometrap. Heavy reliance on oil exports has also affected the growth of Malaysia’seconomy especially during the collapse of oil price in 2015. 1. Home 2. Economics 3. The Economy Of Malaysia