Malaysia
has grown from a developing country that depended on the production and
export of raw materials, to become one of the most rapidly
industrialized and third richest in Southeast Asia. Under
the New Economic Policy (NEP) launched in 1970, which sought a better
distribution of national income and diversify the structure and
ownership of the economy, hitherto dominated by the Chinese community
(which caused several ethnic clashes), Malaysia has become one of the leading producers of electronic components in the world. It was also the first country in Southeast Asia to develop a national car .
When the NEP ended in 1990, the industry accounted for almost 30% of gross domestic product (GDP), a high figure compared with 20% a decade earlier, in 2002 accounted for 33.5% of GDP. In the early 1990s, industrial products accounted for nearly 60% of total revenue from exports, and today the figure is similar. In 2006, construction accounted for 2.70 percent.
The tertiary industry also expanded very rapidly under the NEP and services today are the most important economic activities. In 2006 accounted for 41.3% of GDP. Tourism, like financial services, has grown substantially since the 1970s and today provides numerous foreign exchange earnings. Since the 1990s, Malaysia is a major tourist destination, with 17.5 million visitors in 2006, which was 4.018 million dollars of foreign exchange earnings.
Although over 90% of tourism visits peninsular Malaysia, tourism in Sabah and Sarawak is also growing.
Under the NEP, Malaysia's economy grew faster than its population growth rates were an average of about 6% per annum between 1970 and 1990. In 2006 the gross domestic product (GDP) was estimated at 150,672,000 dollars. This amounted to $ 5,769.90 per capita, one of the highest in Southeast Asia. In 1991 the federal government launched the ambitious "Vision 2020" to turn Malaysia into a developed country by that year. Economic growth during the period 1990-2002 reached 6.2% annually.
When the NEP ended in 1990, the industry accounted for almost 30% of gross domestic product (GDP), a high figure compared with 20% a decade earlier, in 2002 accounted for 33.5% of GDP. In the early 1990s, industrial products accounted for nearly 60% of total revenue from exports, and today the figure is similar. In 2006, construction accounted for 2.70 percent.
The tertiary industry also expanded very rapidly under the NEP and services today are the most important economic activities. In 2006 accounted for 41.3% of GDP. Tourism, like financial services, has grown substantially since the 1970s and today provides numerous foreign exchange earnings. Since the 1990s, Malaysia is a major tourist destination, with 17.5 million visitors in 2006, which was 4.018 million dollars of foreign exchange earnings.
Although over 90% of tourism visits peninsular Malaysia, tourism in Sabah and Sarawak is also growing.
Under the NEP, Malaysia's economy grew faster than its population growth rates were an average of about 6% per annum between 1970 and 1990. In 2006 the gross domestic product (GDP) was estimated at 150,672,000 dollars. This amounted to $ 5,769.90 per capita, one of the highest in Southeast Asia. In 1991 the federal government launched the ambitious "Vision 2020" to turn Malaysia into a developed country by that year. Economic growth during the period 1990-2002 reached 6.2% annually.
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