Other Definitions
malaysia (dest)
malaysia (enc)
malaysia (dict)
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Malaysia Economy—overview: After decades of high GDP growth Malaysia's economy—shaken by the ongoing regional financial crisis in 1997/98—is forecast by the government to grow only 4%-5% in 1998; private forecasts project the growth rate could be as low as 2%. The sharp decline in local currency and stock markets forced Kuala Lumpur to announce tough cost-cutting measures—on top of a contractionary budget—to further reduce the current account deficit to 3% of GDP in 1998 from 5.5% in 1997. To achieve this goal Kuala Lumpur will cut government spending by 20% and continue to slash big-ticket imports and defer large-scale infrastructure projects. Government austerity and slower growth mean increased unemployment and higher interest rates that will bite into corporate earnings. GDP: purchasing power parity—$227 billion (1997 est.) GDP—real growth rate: 7.4% (1997 est.) GDP—per capita: purchasing power parity—$11 100 (1997 est.) GDP—composition by sector: agriculture: 14% industry: 45% services: 41% (1995 est) Inflation rate—consumer price index: 36% (1996) Labor force: total: 8.398 million (1996 est.) by occupation: manufacturing 25% agriculture forestry and fisheries 21% local trade and tourism 17% services 12% government 11% construction 8% (1996) Unemployment rate: 2.6% (1996 est.) Budget: revenues: $22.6 billion expenditures: $22 billion including capital expenditures of $5.3 billion (1996 est.) Industries: Peninsular Malaysia—rubber and oil palm processing and manufacturing light manufacturing industry electronics tin mining and smelting logging and processing timber; Sabah—logging petroleum production; Sarawak—agriculture processing petroleum production and refining logging Industrial production growth rate: 14.4% (1995) Electricity—capacity: 7.83 million kW (1995) Electricity—production: 42 billion kWh (1995) Electricity—consumption per capita: 2 132 kWh (1995) Agriculture—products: Peninsular Malaysia—natural rubber palm oil rice; Sabah—subsistence crops rubber timber coconut rice; Sarawak—rubber pepper; timber Exports: total value: $78.2 billion (1996) commodities: electronic equipment petroleum and petroleum products palm oil wood and wood products rubber textiles partners: US 21% Singapore 20% Japan 12% Hong Kong 5% UK 4% Thailand 4% Germany 3% (1995) Imports: total value: $78.4 billion (1996) commodities: machinery and equipment chemicals food partners: Japan 27% US 16% Singapore 12% Taiwan 5% Germany 4% South Korea 4% (1995) Debt—external: $27.5 billion (1995 est.) Economic aid: recipient: ODA $45 million (1993) Currency: 1 ringgit (M$) = 100 sen Exchange rates: ringgits (M$) per US$1—4.3985 (January 1998) 2.8133 (1997) 2.5159 (1996) 2.5044 (1995) 2.6243 (1994) 2.5741 (1993) Fiscal year: calendar year
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