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The economy of Malaysia is an emerging and developing, upper-middle income, highly industrialised, mixed economy.It ranks the 36th largest in the world in terms of nominal GDP, however, when measured by purchasing power parity, its GDP climbs to the 30th largest.
On 3 August 2023, the World Bank praised Malaysia's post-COVID-19 economic recovery performance. While COVID-19 reduced employment and household income, the World Bank's report found that the Government's financial support to companies, targeted payment deferrals, and workers' wage subsidies helped lessen the economic impact of the pandemic. [8]
The UNHDP Report shows that the richest 10% in Malaysia control 38.4% of the economic income as compared to the poorest 10% who control only 1.7%. However, according to official statistics from the Prime Minister's Department, inequality has been decreasing steadily since 1970, with the Gini coefficient dropping to an all-time low of 0.40 in ...
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.
Malaysia is preparing to join the BRICS group of emerging economies, Prime Minister Anwar Ibrahim said in an interview with Chinese media outlet Guancha. The BRICS group of nations originally ...
Poverty in Malaysia is a controversial economic issue. The definition of poverty and the poverty line for Malaysians has been disputed, and government policies to address poverty such as the Malaysian New Economic Policy have been met with political protest.
The global COVID-19 pandemic spread to Malaysia in late January 2020. The first major local outbreak occurred at a Tablighi Jamaat religious event in Kuala Lumpur in late February 2020. [44] [45] As the pandemic emerged as a global crisis by March 2020, including in Malaysia, it has had major economic, social and political impacts. [9] [46]
The New Economic Policy (NEP) (Malay: Dasar Ekonomi Baru (DEB)) was a social re-engineering and affirmative action program formulated by the National Operations Council (NOC) in the aftermath of the 13 May Incident in Malaysia.