Malaysia Economic Review
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Malaysia economic review projects steady growth of nation. Various steps have been taken to develop agrarian economy to make it to level of manufacturing industry. Economic review of Malaysia states that purchasing power parity of GDP in financial year 2008 was estimated to be $397.5 billion. 5.5 percent is real growth rate of Malaysia GDP while official exchange of gross domestic product was $214.7 billion.
As per economic review in Malaysia various sectors of economy of Malaysia contribute differently to GDP. Agricultural sector contributed 9.7 percent to Malaysia GDP in 2008. Industrial sector offered 44.6 percent and 45.7 percent was received from service sector in fiscal 2008.
Industrial sector contributes approximately 44.6 percent of total GDP to economy of Malaysia. As per economic review at Malaysia about 15 business establishments of Malaysia are ranked among Forbes Global 2000 for 2008. These industries include Malayan Banking, Tenaga Nasional, Telekom Malaysia, Public Bank, RHB Bank, Genting, IOI Group, PPB Group, Sime Darby, Cahya Mata Sarawak, Bumiputra-Commerce Holdings, AMMB Holdings, MISC, Petronas Gas and Hong Leong Financial Group.
Export industries are main focus as related by Malaysia economic review. Electronics goods are main export products for Malaysia. Other export items include chemicals, palm oil, petroleum and liquefied natural gas, rubber, wood and wood products and textiles. Major export partners of Malaysia are US 15.6 percent, Hong Kong 4.6 percent Singapore 14.6 percent, China 8.8 percent, Japan 9.1 percent and Thailand 5 percent, as per statistical details of 2007.
Malaysia economic review projects that it is beneficial to invest in real estate sector, non tradable sectors and capital intensive infrastructure. At present global recession has led to reduction of electronics export. Prime Minister Abdullah has taken charge of value added production to ensure economic growth in Malaysia. He stresses to make investment in high technology industries, medical technology and pharmaceuticals.
Malaysian Ringgit is only legal tender allowed in Malaysia. In present years, Bank Negara Malaysia has started to loosen up certain rules of capital controls. It has been decided that Ringgit will become internationally acknowledged as soon as it is ready. Prices of goods and essential items are controlled and subsidized in order to keep cost of those products low.
