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In addition, the Malaysian economy contracted 5.6% for all of 2020, its worst performance since the 1998 Asian Financial Crisis. [ 6 ] The travel, hospitality and entertainment sectors were particularly hit hard by the COVID-19 pandemic but the ecommerce, technology and healthcare sectors thrived despite facing supply chain disruptions.
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 COVID-19 pandemic in Malaysia has had a significant impact on the Malaysian economy, leading to the devaluation of the Malaysian ringgit (MYR) and the decline in the country's gross domestic product. The pandemic also adversely affected several key sectors including entertainment, markets, retail, hospitality, and tourism.
Malaysia is betting that potential economic growth from data centers justifies the risk. Once touted as an Asian tiger on the cusp of becoming rich, its industries shrunk in the late 1990s after ...
APEC Malaysia 2020 was the year-long hosting of Asia-Pacific Economic Cooperation (APEC) meetings in Malaysia [1] [2] from December 2019 until November 2020. [3] Due to the COVID-19 pandemic , most of the meetings were held virtually , including the culminating Economic Leaders' Meeting.
The economy of Indonesia is a mixed economy with dirigiste characteristics, [31] [32] and it is one of the emerging market economies in the world and the largest in Southeast Asia. As an upper-middle income country and member of the G20 , Indonesia is classified as a newly industrialized country . [ 33 ]
At the same time, the regional economies of Thailand, Malaysia, Indonesia, Singapore and South Korea experienced high growth rates, of 8–12% GDP, in the late 1980s and early 1990s. This achievement was widely acclaimed by financial institutions including IMF and World Bank , and was known as part of the " Asian economic miracle ".
Nominal GDP IMF 2024 [1]; World rank Country GDP (US$ millions) GDP per capita (nominal) 1 16 Indonesia: 1,475,690 5,509 2 26 Thailand: 548,890 7,557 3 31 Singapore