Economy of Malaysia

Malaysia is a country that consists of thirteen states and three federal territories.

It has lots of natural resources(rich in resources). The long ranked as a leading producer of rubber and tin, as well as timber, palm oil( vegetable oil), natural gas, and petroleum. In late 1900's, Malaysia is the world major manufacturing nation which is also a successful exporter of electronic products.

CHIEF PRODUCTS:

• AGRICULTURE- cacao, coconuts, palm oil, pepper, pineapple and other such as fruits, rice, rubber and timber.
• MANUFACTURING- Air conditions and other appliances like cement, electronic devices/ products.
• PROCESSED GOODS- rubber goods, semi conductors, textiles.
• MINING- bauxite, copper, gold, ilmenite, iron ore, natural gas, petroleum and tin.

ECONOMY:

In the late 19's Malaysia is the worlds largest or fastest growing economies. On that time, Malaysia is also a primarily an exporter of raw commodities, such as timber, rubber, tin, and palm oil. Nowadays, Malaysia still produces some basic goods, but played smaller economic role. From the year 1970 to the mid of 1990 the gross domestic product, and the total value of goods and services produced within the country which grew up to more than 7 %. The wealth of Malaysia usually come from manufacturing now. Because of the large amount of produces.

BIGGEST EMPLOYERS:

The biggest industrial which employ a quarter of Malaysians labor force is Manufacturing. It produces one third of the Malaysia's gross domestic product. The electronics industry also has been a major success. It is the leading of producer of integrated circuits and other semiconductor devices. Related welfare benefits in Malaysia include severance pay, benefits for old age,disability, death, employment injury and invalidity. However, no cash assistance is made to the unemployed under the relevant schemes.

• AGRICULTURE- Farmer grow rice. Rice is Malaysians main food crop.
• FORESTRY- The tropical rain forest yield many valuable products. Lots of timber being chopped down. Malaysia is a very big timber produces in the worlds as there are lots of bushes and forest in Malaysia.
• MINING- The largest reserves is alluvial tin.
• FISHING INDUSTRY- Shrimp is usually the most important seafood products from Malaysia. This include prawn and crabs.
• SERVICE INDUSTRIES- The services employs about half of Malaysia's labor force. (Retail sales, and Transportation).
• ENERGY SOURCES-Oil and natural resources are the biggest and the most important energy resources.
• INTERNATIONAL TRADE- The major export are the palm oil, petroleum and rubber.

The economic decisions are made by the consumers as the market economy -petroleum production is the major economic activity, it is the chief's export.Malaysian workers and employer representatives have cautiously welcomed a government decision to cut the number of foreign workers by half a million.the manufacturing labour is intensive because they are more people or workers needed for the jobs like manufacturing.

ADVANCED TECHNOLOGY:

Advanced technology are used in this country as for the farming and chopping down trees. For farming, we need lots of big machine for farming. The areas of advanced technology will be the key to the future as well as highly demanding manufacturing technologies in the industrial fields of electronics and electrical. Of course this include automobile, basic metals & materials, machinery and equipments, chemicals, bio-technology, plastics, oil and petroleum, life sciences, wood, food, rubber, agriculture engineering.

MAJOR ECONOMIC PROBLEMS FACED BY MALAYSIA:

Agriculture has recently increase in its contribution to the economy. The conversion of new land for planting is the best way for agriculture to expand. The expansion no longer possible as the country has got no more arable land. Instead, the opposite increased as agricultural land was taken over for industrial and housing. The problem faced by agriculture which is less severe is trade adopted by the country. Agriculture in the tropical country is relatively efficient because of some advantages they enjoy. Therefore, agriculture in Malaysia has no exception. For example, the export taxes imposed on palm oil, rubber and pepper discourage agricultural production. Malaysia had raised its benchmark interest rate in three months. The inflation rate had doubled as the government raised in retail fuel prices and taxes on tobacco and alcohol. Petrol prices were increased last week.

SIMILARITY AND DIFFERENCES BETWEEN AUSTRALIA AND MALAYSIA:

Well there are not much differences between Australia and Malaysia. Both countries are facing lots of problems in economy. For example the inflation, unemployment and some other important problems. The inflation in both countries are rising rapidly and losing such a lot of awful money. The economy is getting better and better in Australia while on the other hand, Malaysia's economy is getting worse as there are not much jobs apply lots of unemployment and the country itself has to give out some money for the poor people who are not able to buy any food or basic requirements. Therefore there are lots of beggar in Malaysia all over the place. The beggar are usually disable and they need money to go to the doctor. Unlike Australia, there are a place -a centre called 'centre link"which supplies or give put money to the poor and the disabilities.