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Malaysia

Malaysia was extremely successful at bouncing back from the 1997 financial crisis that swept South-East Asia, recording 8.3% GDP growth in 2000. The worldwide tech-wreck further hit Malaysia’s powerful electronics sector, becoming a major factor in compressing 2001 GDP growth to 0.4%. But again the Malaysian economy rose in 2002, growing at 4.2% for the year.

Over the past 30 years Malaysia’s economy has been transformed from mainly agriculture and mining to an economy in which services and manufacturing account for more than 81% of GDP; around 84% of Malaysia’s 2002 exports were electronics and other manufactured goods. Meanwhile, Datuk Seri Dr Mahathir Mohammad is handing over the reigns of government in autumn 2003 to his Deputy Prime Minister, Datuk Seri Abdullah Ahmad Badawi, having led Malaysia as prime minister since 1981. Badawi is expected to continue Malaysia’s policies which have, to a great extent, promoted international trade and foreign investment in the country.

Malaysia’s ports have found success with the rise of the Port of Tanjung Pelepas (PTP). While Port Klang remains Malaysia’s key load centre, PTP has posted a 30% increase in throughput in 2002 to 2.66m TEUs after only three years of operation, staking a claim as the world’s fastest growing port.
It’s a huge success story for the newest Malaysian port, which commenced operations in the first quarter of 2000, and has recorded unprecedented growth. This has already brought PTP to a position just outside the group of the world’s top 20 container ports, a list which usually takes decades for a new port to enter.

Geoecon stats: Malaysian Department of Statistics.
2002 figures unless stated. p=preliminary
Port stats: ISL Port Data Base. 2001 unless stated. ‡=1999.

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