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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]
Nominal GDP IMF 2024 [1]; World rank Country GDP (US$ millions) GDP per capita (nominal) 1 16 Indonesia: 1,475,690 5,509 2 26 Thailand: 548,890 7,557 3 31 Singapore
The following table is the list of the GDP of Malaysian states released by the Department of Statistics Malaysia. [7] [8]Data for 2023 estimates (US$ 1 = MYR 4.56 at 2023 average market exchange rate, [9] international $ (I$) using 2023 PPP conversion factor from World Bank (I$ 1 = MYR1.43) [10])
Malaysia: 445.5 billion 18 Iran: 434.8 billion 19 Hong Kong 401.5 billion 20 Pakistan: 374.6 billion 21 Kazakhstan: 292.8 billion 22 Iraq: 265.6 billion 23 Qatar: 223.3 billion 24 Kuwait: 184.8 billion 25 Oman: 114.7 billion 26 Uzbekistan: 101.8 billion 27 Turkmenistan: 91.1 billion 28 Sri Lanka: 85.4 billion 29 Azerbaijan: 80.9 billion
GDP (millions of current international dollar) by country ; Country Percent [1] [2] [3] Nominal PPP Year A [n 1] I [n 2] S [n 3] Agricultural Industrial Services Agricultural Industrial ...
The New Economic Policy in Malaysia presented strategies meant to address economic growth. [12] As a result, the poverty rate fell from 52.4% in 1970 to 3.8% in 2009. [12] Malaysia seeks to address poverty at the micro-level and has produced a New Economic Model and framework in the Tenth Malaysia and Eleventh Malaysia Plans to address this ...
High levels of foreign and domestic private investment played a significant role as the economy diversified and modernised. Once heavily dependent on primary products such as rubber and tin, Malaysia today is an upper middle-income country with a multi-sector economy based on services and manufacturing.