Malaysian economic development: looking backward and forward
With a population of just under 30 million people and an economy that comprises a little over 0.5 per cent of global GDP (in purchasing power parity terms), Malaysia is a relatively small country. But it has a distinctive and largely successful development record from which many poorer countries could profitably learn. This chapter presents an analytical overview of Malaysian economic development and the challenges the country faces as it attempts to ‘graduate’ from middle to high-income status. Drawing on the chapters that follow, section 2 reviews the past development record, while section 3 identifies the key issues associated with the process of upgrading.