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Malaysia is forecasted to have a nominal GDP of nearly half a trillion US$ by the end of 2024. [25] The labour productivity of Malaysian workers is the third highest in ASEAN and significantly higher than Indonesia, Vietnam, and the Philippines. [26] Malaysia excels above similar income group peers in terms of business competitiveness and ...
Inflationary pressures remained benign, and, as a result, Bank Negara Malaysia, the central bank, had been able to follow a low interest rate policy. The Malaysian economy recovered from the 1997 Asian Financial Crisis sooner than neighbouring countries, and has since recovered to the levels of the pre-crisis era with a GDP per capita of $14,800.
In early 2020, Malaysia faced a political crisis, [20] concurrent with the COVID-19 pandemic, leading to political, health, social, and economic disruptions. [21] [22] The 2022 general election resulted in Malaysia's first hung parliament, leading to Anwar Ibrahim's appointment as Prime Minister on November 24, 2022. [23] [24] [25] [26]
Although Malaya was effectively governed by the British, the Malays held de jure sovereignty over Malaya. A former British High Commissioner, Hugh Clifford, urged "everyone in this country [to] be mindful of the fact that this is a Malay country, and we British came here at the invitation of Their Highnesses the Malay Rulers, and it is our duty to help the Malays to rule their own country."
Tuanku Abdul Rahman of Negeri Sembilan was installed as the first Yang di-Pertuan Agong at Istana Negara. 17 September: Federation of Malaya joined United Nations. 30 October: Alliance Party was fully registered as coalition party. 1959: 26 January: Central Bank of Malaysia, which known as Bank Negara Tanah Melayu, was founded. 19 August
[2] [8] In 1963, the Federation was reconstituted as "Malaysia" when it federated with the British territories of Singapore, Sarawak, and North Borneo; a claim to the latter territory was maintained by the Philippines. [9] [10] Singapore separated from Malaysia to become an independent republic on 9 August 1965. [11]
The name Malaysia is a combination of the word Malays and the Latin-Greek suffix -ia/-ία [19] which can be translated as 'land of the Malays'. [20] Similar-sounding variants have also appeared in accounts older than the 11th century, as toponyms for areas in Sumatra or referring to a larger region around the Strait of Malacca. [21]
The campaign for a "Malaysian Malaysia" was not viewed highly by the government of Malaysia and the parties in the ruling coalition of the Alliance (later the Barisan Nasional). Those against the concept of a Malaysian Malaysia cited the fact that Malaya was progressively colonised by the British from the mid-19th century to its height in 1926.