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马来西亚经济出口
Economics Essays - Malaysia Economy Exports
马来西亚，这个地方被称为“真正的亚洲”。它位于南海、文莱和印度尼西亚的东南部的亚洲半岛上。它拥有马来语、汉语不同的亚洲文化，Borneo和其他土著群体。没有过多的社会动荡，腐败等问题出现在国际媒体，马来西亚仍然是一个令人费解的全国闻名的自然光彩作为它继续作为亚洲领先的国家繁荣。
在1957年从英国获得独立后，有人指出，中国是马来西亚经济的主要力量。在1960年代，马来西亚的经济依赖于农产品的出口。在此期间，每年的国内生产总值平均增长率为6%。然后在1960年代后期开始引起种族压力创造新的经济政策旨在确保1990年的至少20%的经济必须由马来人控制。
Introduction 简介
Malaysia, the place called ‘Truly Asia’. It lies on the Southeastern Asian peninsula bordering Indonesia, Brunei, and the South China Sea. It’s filled with different Asian cultures from Malay, Chinese, Borneo and other indigenous groups. Having no or little issues about societal upheavals, corruptions and such being published in international media, Malaysia continues to be a puzzling country known for its present natural splendor as it continues to flourish as one of Asia’s leading countries. However, knowing its experiences that led to its present growth is what’s really interesting about this country.
After gaining independence from Britain in 1957, it was noted that the Chinese was the chief force in Malaysia’s economy. In the 1960’s, Malaysia’s economy was dependent on exports of agricultural goods. During this period annual Gross Domestic Product increases on an average rate of 6 percent per year. Then in the late 1960’s racial pressure started and caused the creation of the New Economic Policy which aimed to ensure that by 1990’s at least 20% of the economy must be controlled by ethnic Malays.
In the 1970’s, high deflation and mismanagement of government enterprise caused its economy to experience severe economic downturn. By 1985, recession having negative 1.2 percent GDP growth was experienced. As solution to the downfall of the economy, the government shifted its focus from the agriculture sector to the manufacturing sector. It liberalized foreign equity ownership from 10 to 20 percent in order to attract foreign investments. These efforts resulted to a success by achieving a positive GDP growth of 13.4 percent from 1986 to 1990.
Although the country’s internal economic factors continued to be strong, its external economic factors affected it in a negative way. Huge capital outflows from the Malaysian economy and other South East Asian economies were hurt by the Asian crisis. From positive 7.7 percent Malaysia’s real growth rate in declined to negative 7.5 percent in 1998.
Interest rate also increased from five percent to nine percent. Furthermore, inflation and the increase in unemployment from 2.4 percent to 3.2 percent caused poverty to boost from 6.1 percent in 1997 to 7 percent in 1998. In addition, the health sector was also affected due to the increase in the price of imported drugs which in turn also made it harder for the poor to afford medication.
Despite its condition, Malaysia rejected IMF assistance and stabilized its money with the help of Bank Negara Malaysia, its Central Bank, through lowering exchange rates, interest rates, and government spending. Also, the government increased capital controls by halting, several mega projects and established the National Economic Action Council (NEAC). With all these efforts, the country achieved a positive annual growth rate of 5.4 per cent in 1999.
Malaysia's economy continued to surge despite all terrorist threats and health diseases such as the SARS. The Package of New Strategies was established in 2003 to generalize domestic sources of growth, promote private investment and strengthen the country's competitiveness. In 2006, The Ninth Malaysia Plan was issued.
This plan reiterates the target of lifting Malaysia’s economy to "developed nation" by 2020. After knowing all these facts, this paper will now discuss about the economic condition of Malaysia starting from the year 2002 to 2006. It will tackle the GDP’s contribution to growth and growth by sector, lending and inflation rate, money supply, trade and economic indicators and some movements of selected exports.
Gross Domestic Product 国内生产总值
Malaysia’s Gross Domestic Product was highest during the year 2004 with 7.2 percent. To further analyze the changes, the factors affecting the Gross Domestic Product would be discussed. First, consumption was analyzed in two separate types: Private Consumption and Public Consumption. From the figure, it could be seen that consumption is an unstable factor in their economy. Private consumption in 2002 was 2.0 percent and rose until it reached 4.9 percent in 2004.
However it started to decrease in 2005 and by 2006 private consumption was only 3.5 percent. Private consumption in the last five years grew by an average of 3.58 percent. When in comes to Public consumption, 1.4 percent growth was attained in 2002. It grew by 0.2 percent by 2003 then started to fall and reached 0.8 percent in 2005. It picked up its pace and increased to 1.2 percent in 2006. The average Public consumption growth is 1.18 percent.
It could be noted that private consumption became the largest GDP contributor in the years 2003 to 2006. The increased consumption is caused by the low interest which encouraged business investments and higher income for the household to dispose. This in turn generated income for the businesses which could eventually lead to expansionary means that would produce employment.
Next, investments were also presented as two types namely Private and Public investments. Private investment started at a negative growth of 1.9 percent in 2002 then increased to positive 2.9 percent by 2004 and decreased to 1.3 percent in 2006. On the other hand, Public investments kept on fluctuating from positive 4.1 percent in 2002 it decreased to a negative growth in 2003 and 2005 until it sustained a positive 0.3 percent in 2006.
As could be seen from the figures, public investments started as the largest GDP contributor in 2002 but kept on decreasing while Private investments tried to maintain its positive growth. The increase in private investments was due to a healthy business relationship achieved through the trust established in the economic plans such as the Ninth Malaysian Plan. With regards to the country’s net exports was negative during 2002, 2004 and 2006 with negative 1.3, 2.5 and 0.4 percent growth. In 2003 and 2005, positive 2.0 and 1.3 percent were obtained.
Overall, Malaysia had the lowest GDP in 2002 with 4.4 percent growth and as said earlier, it achieved 7.2 percent growth in 2004 and ended with 5.9 percent growth by 2006. The highest contributor in the years 2002 to 2006 were public investments for 2002 and private consumption for the following years. From all these, it could be deduced that Malaysia’s GDP growth was reliant on private consumption. The problem is that as people consume more, they might not have enough to consume in the future therefore increasing the other factors in the GDP should also be done.
The growth it’s Agriculture, Industry and Services sectors, no one sector dominated the others by having a consistent increase per year. This might be caused by the shifts in the strength of production in such sectors. For instance in 2002, Services had the greatest contribution to their economy.
However, by the Industrial sector increased by almost 70% in 2003 and continued to rise by 8.22% in 2004, causing it to contribute more to the GDP of the country. By 2005 and 2006, Industry decreased and as finance and trade businesses rose, Services became the largest contributor again.
With these, total employment increased in 2006 by 2.5%. As could be noted Agriculture was the least competitive sector. This sector which has been very important to rural incomes and exports might have still been affected by the 1985 act of shifting focus away from the Agriculture sector. It only attained a 6.4% GDP contribution due to the increased prices of foreign crops.
Inflation Rate and Money Supply 通货膨胀和货币供应量
There are 3 types of money monitored by the Central Bank in Malaysia namely M1, M2 and M3. M1 is narrow money, and M2 and M3 considered broad money. M1 is composed of private sector currency and demand deposits. M2 is M1 plus financial assets while M3 is M2 plus: fixed deposits of the private sector; net issues of NCD to the private sector and transactions effected by finance companies, merchant banks, discount houses, and Bank Islam.
The adoption of the managed float enabled the central bank to gain flexibility with the money control in monetary policy. Through it they were no longer stalled with always having to off-set the increase in money supply with a substantial increase in money demand in order to keep the Ringgit fixed. In the past 5 years (Table A9), money supply has changed positively. This might have been through their imposed decrease in interest rate. In fact it reached its peak in 2004 by having a 25.4% increase in money supply. |
