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The name Malaysia is a combination of the word Malays and the Latin-Greek suffix -ia/-ία [20] which can be translated as 'land of the Malays'. [21] 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. [22]
Real gross domestic product (GDP) grew by an average of 6.5% per year from 1957 to 2005. Performance peaked in the early 1980s through the mid-1990s, as the economy experienced sustained rapid growth averaging almost 8% annually. Malaysia's economy was greatly impacted by the 1997 Asian financial crisis, but recovered.
In early 2020, Malaysia faced a political crisis, [21] concurrent with the COVID-19 pandemic, leading to political, health, social, and economic disruptions. [22] [23] The 2022 general election resulted in Malaysia's first hung parliament, leading to Anwar Ibrahim's appointment as Prime Minister on November 24, 2022. [24] [25] [26] [27]
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 ...
The city remains the economic and business hub of the country. Kuala Lumpur is a centre for finance, insurance, real estate, media and the arts of Malaysia. Kuala Lumpur is rated the only global city in Malaysia, according to the Globalization and World Cities Study Group and Network (GaWC). [102]
KLCC Property Holdings is the property investment arm of Malaysia's national oil company, Petronas. In 2004, Petronas sold a 46% interest in KLCCP in one of the largest initial public offerings in Malaysia that year. [3]
The law of Malaysia is mainly based on the common law legal system. This was a direct result of the colonisation of Malaya, Sarawak, and North Borneo by Britain between the early 19th century to 1960s. The supreme law of the land—the Constitution of Malaysia—sets out the legal framework and rights of Malaysian citizens. Federal laws enacted ...
The Malacca Sultanate was the first Malay Muslim state based on the peninsula that was also a real regional maritime power. After the fall of Malacca in 1511, several local rulers emerged in the northern part of the peninsula which later fell under Siamese influence, while two princes of the Malaccan royal family founded Johor and Perak ...