Economy

The Malay Peninsula and Southeast Asia have been an extremely important to the world of trading. Many items were the subject of trades’ way before the country of Singapore and Malacca were ever born. Porcelain and Spice were the main trade commodities and the trading community was gaining more and more prominence in the country. The better the trading the better the economy. In the 17th century tin was discovered in many Malay states and when the British took over, rubber and palm oil were introduced into the commercial fold.
With these three top commodities plus Malaysia’s raw materials, they were on their way into a great economy that lasted well into the 20th century. In the 1970’s the country had begun to pattern their economy guidelines after the Asian Tigers and they had made a commitment to rely on mining and agriculture as well. With the help of Japan and the western world Malaysia’s industrial sections were providing a stable economy. The country’s exports boosted the country to gain about seven percent GDP of growth and they achieved a very low rate of inflation in the 1980’s and 1990’s.
In 1955 the very First Malayan Five Year Plan was used by the government to intervene with the economy to bring about their goals for mass redistribution of wealth and investments. The Second Malaysian Plan began in 1971 and lasted until 1975; the goal of this plan was to reconstruct the Malaysian society and to reduce the presence of Malaysian Chinese and foreign dominance. The Third Malaysian Plan was geared toward increasing the economic pie and there goal was to try not to take from one section of the economy to pay for another. They wanted each section or the country to stand alone and gain economic growth.
Some of the statistics and some facts of the Malaysian economy are, the currency is the 100 Sen, and Malaysia has a fiscal year like most countries which are in calendar years. They have three main trade organizations, the APEC< ASEAN and WTO. Malaysia is ranked 33 in the world for GDP. Their growth is about 5.9 percent and they have a GDP of about $ 290 billion dollars. They have three main GDP sections, they are 7 percent agriculture, and 33.5 percent of industry and 59.1 percent is service.
They have a great economy that only 8 percent of people live below the poverty line. The labor force in Malaysia is 10.26 million people with the following working in these sectors, 27 percent are working in manufacturing, 9 percent construction, 10 percent in government, 15 percent in services, 17 percent in trade and tourism and 16 percent in fishing, forestry and agriculture itself.

Malaysia has a great trading industry with these countries as their main partners how could you go wrong. Japan has 17.3 percentage, United States has 15.5 percent, Singapore has 11.9 percent, China has 8.8 percentage, South Korea has 5.5 percent Taiwan has 5 percent, Germany has 4.7 percent and Thailand has 4.6 percent.

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