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Malaysia's benchmark crude oil, Tapis Blend, is a light and sweet crude oil, with an API gravity of 42.7° and a sulphur content of 0.04% by weight. Malaysia held 87.8 trillion cubic feet (Tcf) of proven natural gas reserves as of 2021, and was the third-largest natural gas reserve holder in the Asia-Pacific region after China and Indonesia ...
To rejuvenate the economy, massive government spending was made and Malaysia continuously recorded budget deficits in the years that followed. Economic recovery has been led by strong growth in exports, particularly of electronics and electrical products, to the United States, Malaysia's principal trade and investment partner.
The federal budget is a major state financial plan for the fiscal year, which has the force of law after its approval by the Malaysian parliament and signed into law by the Yang di-Pertuan Agong. Revenue estimates detailed in the budget are raised through the Malaysian taxation system , with government spending representing a sizeable ...
[2] 24 February – 9 March – The 2002 Men's Hockey World Cup is held in Kuala Lumpur. 14 April – The Express Rail Link, Malaysia's first high speed train, is launched. [3] 15 April – Prime Minister Mahathir Mohamad leaves for Morocco on the first leg of a week-long tour which will also take him to Libya and Bahrain. [4]
The initial target was to move the ratio of economic ownership in Malaysia from a 2.4:33:63 ratio of Bumiputra, Other Malaysian, Foreigner ownership to a 30:40:30 ratio. This was to be done by redistributing the wealth to increase the ownership of enterprise by Bumiputra from a 2.4% to 30% of the
Launched on 21 September 2010, [1] it is a comprehensive economic transformation plan to propel Malaysia's economy into high income economy. The program will lift Malaysia's gross national income (GNI) to US$523 billion by 2020, and raise per capita income from US$6,700 to at least US$15,000, meeting the World Bank's threshold for high income nation. [2]
In view of economic slowdown amid the financial crisis of 2007–2010, Prime Minister of the then ruling Barisan Nasional (BN) government, Najib Razak in August 2009, stated that in order for Malaysia to achieve a developed nation status by 2020, the country has to grow at an annual rate of 8% over the next 10 years.
Many businesses experienced a turnaround after 1 April 2022 when Malaysia entered its transition and economic recovery phases. While food and beverage retailers rebounded, many department stores faced competition from online retailers. [7] On 3 August 2023, the World Bank praised Malaysia's post-COVID-19 economic recovery performance. While ...