Economy of Malaysia

Economy of Malaysia
	Kuala Lumpur, national capital of Malaysia, and its largest city
Currency	Ringgit (MYR, RM)
Fiscal year	Calendar year
Trade organisations	APEC, ASEAN, IOR-ARC, WTO, JETRO, RCEP, CPTPP, EAS, AFTA
Country group	Developing/Emerging; Upper-middle income country ; Newly industrialized country;
Statistics
Population	33,938,221 (2022)
GDP	$445.519 billion (nominal; 2024 est.); $1.306 trillion (PPP; 2024 est.);
GDP rank	36th (nominal; 2024); 30st (PPP; 2024);
GDP growth	3.1% (2021); 8.7% (2022);
GDP per capita	$13,315 (nominal; 2024 est.); $39,030 (PPP; 2024 est.);
GDP per capita rank	66th (nominal; 2023); 55th (PPP; 2023);
GDP by sector	agriculture: 6.30%; industry: 24.0%; services: 58.6%; (2022);
Inflation (CPI)	1.5% (January 2024)
Population below poverty line	0.6% (2023f); 2.9% on less than $5.50/day (2022);
Gini coefficient	41.2 medium (2018, World Bank)
Human Development Index	0.807 very high (2022) (62nd); N/A IHDI (2021);
Labour force	16,760,000 (Jan 2023); 69.8% employment rate (Jan 2023);
Labour force by occupation	agriculture: 10.28%; industry: 27.01%; services: 62.72%; (2019 est.);
Unemployment	3.4% (Sep 2023)
Main industries	Electronics, semiconductors, microchips, integrated circuits, rubber, oleochemicals, automotive, optical devices, pharmaceuticals, medical equipment, smelting, timber, wood pulp, Islamic finance, petroleum, liquified natural gas, petrochemicals, telecommunication product
External
Exports	$297.60 billion (2022 est.)
Export goods	Semiconductor & electronic products, palm oil, liquefied natural gas, petroleum, chemicals, machinery, vehicles, optical & scientific equipment, manufactures of metal, rubber, wood and wood products
Main export partners	China 21.51%; Singapore 9.2%; United States 8.72%; Japan 7.69%; (2022);
Imports	$234 billion (2022 est.)
Import goods	Electrical & electronic products, machinery, chemicals, petroleum, plastics, vehicles, manufactures of metal, iron and steel products
Main import partners	China 16.18%; Singapore 14.45%; United States 11.10%; Japan 6.36%; Hong Kong 6.93%; (2022);
FDI stock	$194 billion (2023 est.)
Current account	$11.639 billion (2023 est.)
Gross external debt	$273.9 billion (31 March 2022 est.)
Public finances
Government debt	66.909% of GDP (2023 est.)
Budget balance	−4.690% (of GDP) (2023 est.)
Revenues	50.30 billion (2021 est.)
Expenses	75.67 billion (2021 est.)
Economic aid	$31.6 million (2005 est.)
Credit rating	Standard & Poor's:; A−; Outlook: Stable; Moody's:; A3; Outlook: Stable; Fitch:; BBB+; Outlook: Stable;
Foreign reserves	US$110.1 billion (29 September 2023)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Malaysia is the fifth largest in Southeast Asia and the 36th largest in the world in terms of GDP. The 2018 labour productivity of Malaysia was measured at Int$55,360 per worker, the third highest in ASEAN. The 2021 Global Competitiveness Report ranked Malaysian economy the 25th most competitive country economy in the world.

Malaysians enjoy a relatively affluent lifestyle compared to many of its neighbours in Southeast Asia. This is due to a fast-growing export-oriented economy, a relatively low national income tax, highly affordable local food and transport fuel, as well as a fully subsidized single-payer public healthcare system. Malaysia has a newly industrialised market economy, which is relatively open and state-oriented. The Malaysian economy is highly robust and diversified with the export value of high-tech products in 2020 standing at US$92.1 billion, the second highest in ASEAN. Malaysia exports the second largest volume and value of palm oil products globally, after Indonesia.

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