Like Singapore, Malaysia’s economy is growing with rapid speed in 2010. Malaysia had made first five year plan in 1955 and new economic policy were applied in 1969. After this Malaysia had made National Development Policy in 1990. But due to happening financial crisis in 1997 in Asia, progress of Malaysia’s economy captured in dilemma. Malaysia did not loose courage and tried to increase exports of electrical, electronics, petroleum and palm oil. Up to 2010, its current account’s balance of payment has been positive and gross domestic product reached $ 207,400 billion and growth rate of GDP is more than 7%. Its effect is on the per capita income and it is $ 8100. Japan and US are the main customers of Malaysia’s products and Japanese investment has played a great role in development of Malaysia.
Today, Malaysia is one of the world's largest computer hard disk manufacturing sites. In 2010, Malaysia is follower of china’s foreign exchange policy and wants to stable value of his local currency Ringgit or Malaysian ringgit in world market. For this, it has created more than $ 89 billion as reserve of foreign exchange.
Today, Malaysia is one of the world's largest computer hard disk manufacturing sites. In 2010, Malaysia is follower of china’s foreign exchange policy and wants to stable value of his local currency Ringgit or Malaysian ringgit in world market. For this, it has created more than $ 89 billion as reserve of foreign exchange.
Malaysia has developed new economic model 2010 (NEM) whose aim is to make Malaysia as Advance country up to 2020. It has four pillars. Minister of Finance of Malaysia has emphasized on high skilled human capital, efficient public services, reinvigorated private sector and equal opportunity for all Malaysians.
Development of Financial Sector in 2010
In Malaysia, financial and banking sector is regulated by its central bank named Bank Negara Malaysia. Maybank is Asia-Pacific's largest Islamic banking service provider with US$6.4 billion (RM22.48 billion) Syariah-compliant assets. Malaysia also accounts for two thirds of global $82.2 billion sukuk market in 2007. Khazanah Nasional owns the largest retakaful company in the world, ACR Retakaful Holdings Limited, with capital base amounting to 300 million US Dollars.
A quarterly report prepared by the Economist Intelligence Unit on behalf of Barclays Wealth in 2007 estimated that there were 48,000 dollar millionaires in Malaysia (over twice that of China).
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