ECONOMIC SYSTEM. Malaysia is a middle-income economy and has the third highest GDP every capita (US$4, 625) among the Southeast Asian countries after Singapore and Brunei. The country was generally a producer of recycleables but transformed its overall economy from the 1970s to the 1990s into a multi-sector economy. Malaysia’s economical growth is export powered mainly from exports of electrical and electronic products. best insurance malaysia
Malaysia’s economy is relatively stable with healthy international exchange reserves and a GDP of US$118. 3 billion in 2004. Via 2000 to 2004, Malaysia’s real GDP grew by an twelve-monthly average of 5. 7% while pumping remained below 2. 0% and unemployment below 4. 0%. The Asian monetary crisis of 1997 negatively damaged Malaysia’s economy during the period. It can be not likely that the country will experience an monetary catastrophe similar to 1997 with current healthy foreign exchange reserves, low inflation and small foreign debt.
The manufacturing sector accounted for 48. 5% of Malaysia’s GDP in 2004, services accounted for 42. 4% and the agriculture sector accounted for 9. 1%. Major industries include electronic digital & electrical products, fabrics, clothing & footwear, chemicals, petroleum, wood and material products. Major agriculture sectors include palm oil, rubber material, cocoa, rice, poultry and timber.
DEMOGRAPHY. Malaysia consists of Peninsular Malaysia and East Malaysia (located on the northern half the island of Borneo) with a population of 26 , 000, 000. Malaysia is a multi-ethnic society comprising of the predominant indigenous Malays (50%) followed by the Oriental (24%) and Indians (7%). Other indigenous groups (11%) include the Ibans, Kadazans, Melanaus and Kelabits. Main religion practiced is Islam and then Buddhism, Taoism, Hinduism and Christianity. Major dialects used are Malay (national language), English (commonly used in business), Chinese (mainly Mandarin, Hokkien and Cantonese) and Tamil.
Malaysia’s inhabitants is becoming increasingly city. The country’s urban populace increased from 54. seven percent to 62. 8% of Malaysia’s total population from 1995 to 2004. Key reason is increasing job opportunities in the major urban areas. Major downtown areas include the country’s capital Kuala Lumpur and the nearby areas (known as the Klang Valley), Penang, Johor Bahru, Ipoh, Kuantan, Kuching and Kota Kinabalu.
Households in the metropolitan areas provide an average income that is twice than those in the farming areas. An estimated five per cent of Malaysian households live under the poverty level while 50% are low-income households. The proportion of medium income households is 33% while high-income homes are 10%.
INFRASTRUCTURE. Malaysia has a well-served international and domestic telecommunication system. Cities and towns are well linked by streets including highways and general population transport. Internet broadband services are available in the cities and major cities. Malaysia has an international airport situated near Kuala Lumpur and airports across the country serving mainly domestic travel.