Economy of Malaysia

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The Economy of Malaysia is a growing and relatively open state-oriented and newly industrialised market economy.[2][3] The state plays a significant but declining role in guiding economic activity through macroeconomic plans. In 2007, the economy of Malaysia was the 3rd largest economy in South East Asia and 29th largest economy in the world by purchasing power parity with gross domestic product for 2008 of $222 billion[4] with a growth rate of 5% to 7% since 2007[5] In 2009, GDP per capita (PPP) of Malaysia stands at US$14,900.[6] In 2009, the nominal GDP was US$383.6 billion, and the nominal per capital GDP was US$8,100.[7]

The Southeast Asian nation experienced an economic boom and underwent rapid development during the late 20th century and has a GDP per capita of $14,800, being considered a newly industrialized country.[8][9] On the income distribution, there are 5.8 million households in 2007. Of that, 8.6% have an monthly income below RM1,000, 29.4% had between RM1,000 and RM2,000, while 19.8% earned between RM2,001 and RM3,000; 12.9% of the households earned between RM3,001 and RM4,000 and 8.6% between RM4,001 and RM5,000. Finally, around 15.8% of the households have an income of between RM5,001 and RM10,000 and 4.9% have an income of RM10,000 and above.[10]

As one of three countries that control the Strait of Malacca, international trade plays a large role in its economy.[11] At one time, it was the largest producer of tin, rubber and palm oil in the world.[12] Manufacturing has a large influence in the country's economy.[13] Malaysia is the world's largest Islamic banking and financial centre.

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