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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 August 17, Malaysian badminton player, Lee Chong Wei, won a silver medal at these Games. This was the first time since the 1996 Summer Olympics that Malaysia won a medal at an Olympic Games. [54] 20 August – The MISC vessel registered as MT Bunga Melati Dua was hijacked by a group of armed pirates in the Gulf of Aden, between Yemen and ...
This included a New Economic Model, subsidy reforms, international free trade agreements and stimulus packages. However, in the later stages of his administration, Malaysia experienced an economic downturn and a depreciation of the Malaysian Ringgit due to the 1Malaysia Development Berhad scandal (1MDB).
One of the most significant events in the history of the Malaysian economy was the Asian financial crisis, which caused Malaysia's GDP to shrink from US$100.8 billion in 1996 to US$72.2 billion in 1998. The Malaysian economy's GDP did not recover to 1996 levels until 2003. [17] The year 1997 saw drastic changes in Malaysia.
The Tiger Cub Economies are so named because they attempt to follow the same export-driven model of technology and economic development already achieved by the rich, high-tech, industrialized, and developed countries of South Korea, Singapore, and Taiwan, along with the wealthy financial center of Hong Kong, which are all collectively referred to as the Four Asian Tigers.
The National Development Policy (Malay: Dasar Pembangunan Nasional (DPN)) was a Malaysian economic policy introduced by Prime Minister Mahathir Mohamad. The objective was achieving economic growth, while ensuring that accrued benefits reached all sections of society. [1] The National Development Policy replaced the New Economic Policy (NEP
The Ninth Malaysian Plan (Malay: Rancangan Malaysia ke-9), abbreviated as '9MP', is a comprehensive blueprint prepared by the Economic Planning Unit (EPU) of the Prime Minister's Department and the Finance Ministry of Malaysia with approval by the Cabinet of Malaysia. The plan allocates the national budget from 2006 to 2010 in regard to all ...
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.