malaysia (economic setting)
TRANSCRIPT
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Economic Setting::
Malaysia
Reported by:
Peter John Bullag
(Crim. 2-B, Group 3)
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Economic Setting:
Malaysia
• The economy of Malaysia oncerelied principally on theproduction of raw materials forexport, most importantlypetroleum, natural rubber, tin,palm oil, and timber. AfterMalaysia gained independence
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Economic Setting:
Malaysia
in 1957, however, thedevelopment of themanufacturing sector tookpriority. From the mid-1970s tomid-1990s Malaysia had one ofthe world’s fastest-growingeconomies, mainly due to rapid
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Economic Setting:
Malaysia
industrialization. In the late1980s industry replacedagriculture as the largestcontributor to the grossdomestic product (GDP). Theservices sector, especiallytourism, also drove growth.
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Economic Setting:
Malaysia
In 1991 the Malaysiangovernment launched theambitious “Vision 2020”program, which envisionsMalaysia attaining the status of adeveloped nation by 2020.Toward this goal, the
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Economic Setting:
Malaysia
government has invested heavilyin modernizing the infrastructureof the Kuala Lumpurmetropolitan area. Themodernization is designed topropel Malaysia into the digitalage and position it as a hub for
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Economic Setting:
Malaysia
incentive for the development oflabor-intensive exportmanufacturing. In the 1970s thegovernment implemented apolicy to encourage exportmanufactures and foreigninvestment, and the rate of
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Economic Setting:
Malaysia
high-technology businesses inSoutheast Asia. However, thecountry’s reliance on exports ofmanufactured goods, such ascomputer microchips and otherelectrical components, has madeits economy susceptible to
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Economic Setting:
Malaysia
high-technology businesses inSoutheast Asia. However, thecountry’s reliance on exports ofmanufactured goods, such ascomputer microchips and otherelectrical components, has madeits economy susceptible to
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Economic Setting:
Malaysia
regional and global economicdownturns. Malaysia was one ofmany Asian countries thatsuffered economic declineduring a regional economic crisisin 1997 and 1998. This crisis ledto the delay of some
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Economic Setting:
Malaysia
infrastructure projects andpossibly of the Vision 2020 goal.
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Economic Setting:
Malaysia
The nation’s economy expandedan average of 5.9 percentannually in the period 2006. In2003 Malaysia’s annual budgetincluded revenues of about $21billion and expenditures ofabout $25 billion. The country’s
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Economic Setting:
Malaysia
GDP was $150.7 billion in 2006.Industry, including mining andconstruction, accounted for 50percent of the GDP; services, 41percent; and agriculture,forestry, and fishing, 9 percent.
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Economic Setting:
Malaysia
Some 5 percent of Malaysia’sland is under cultivation for fieldcrops and 18 percent is used forplantation agriculture. Malaysiaranks as the world’s leadingproducer and exporter of palmoil. The country was once the
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Economic Setting:
Malaysia
leading producer of naturalrubber, but in the early 1990sThailand and Indonesiasurpassed Malaysia afterMalaysia began shifting to moreprofitable crops such as palm oil.Other important export crops
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Economic Setting:
Malaysia
are cacao, sugarcane, pepper,coconuts, and pineapples. Theprincipal subsistence crop is rice.Cassava and bananas are alsoimportant.
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Economic Setting:
Malaysia
The country is a leading worldsupplier of tropical hardwoods.Exports of raw timber havedeclined since the mid-1990s, inpart because the government ofMalaysia introduced measures toencourage the local production
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Economic Setting:
Malaysia
of finished goods, such asplywood and furniture. Mostwood processing takes place inWest Malaysia, where logexports are banned, whileSarawak provides the bulk ofraw timber.
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Economic Setting:
Malaysia
In 2005 Malaysia’s annual fishcatch was 1.4 million metrictons, nearly all of it from oceanwaters. Aquaculture (the farmingof fish and shellfish) hasexpanded rapidly to help supplythe domestic market.
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Economic Setting:
Malaysia
However, domestic productionof fish has not kept pace withincreasing consumption, andMalaysia is an importer of fishproducts.
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Economic Setting:
Malaysia
Export trade totaled $127 billionin 2004. Major exports includesemiconductors and electricalequipment, palm oil, chemicals,petroleum, machineryappliances and parts, wood andwood products, and textiles. The
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Economic Setting:
Malaysia
chief buyers of exports are theUnited States, Singapore, Japan,China (including Hong Kong), andThailand. Imports were valued at$104 billion in 2004. Majorimports include electrical andelectronic products, machinery
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Economic Setting:
Malaysia
and transportation equipment,chemicals, manufactures ofmetal, petroleum, and iron andsteel products. The leadingsuppliers of imported goods areJapan, the United States,Singapore, China, Taiwan, andSouth Korea.
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Economic Setting:
Malaysia
Malaysia is a founding memberof the Association of SoutheastAsian Nations (ASEAN) and is afull participant in the ASEANFree Trade Area (AFTA),established in 1992 with the goalof establishing nearly free trade
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Economic Setting:
Malaysia
among member nations. Withthe formal implementation ofAFTA in 2002, member nationswere to gradually reduce tariffbarriers to 5 percent or less.Malaysia became a member ofthe World Trade Organization(WTO) in 1995.
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Economic Setting:
Malaysia
The Malaysian unit of currency isthe ringgit, consisting of 100 sen(3.70 ringgits equal U.S.$1; 2006average). Malaysia’s central bankand bank of issue is the BankNegara Malaysia, in KualaLumpur. There is a stockexchange in Kuala Lumpur.
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Economic Setting:
Malaysia
Source:
Microsoft ® Encarta ® 2009. © 1993-2008 Microsoft
Corporation. All rights reserved.
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Economic Setting:
Malaysia
Terima Kasih!!!
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Economic Setting
as we
Understanding
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Economic Community
for
establish an
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Republic of the Philippines
CAPIZ STATE UNIVERSITY
Dumarao Satellite College, Dumarao, Capiz
Theme: “Understanding Better the Political, Economic & Socio-Cultural Setting of Southeast Asian Nations for
Peace, Prosperity & People”
March 09, 2015 (8:00-11:30 am)
Campus Library