Malaysia is a country that occupies Malay Peninsula as well as Borneo Island. This nation is known for beaches, mix of Malay as well as rainforests. The capital city is known as Kuala Lumpur, which is a home of colonial buildings. Malaysia has a newly industrialized market economy and is also know n to be the biggest producer of palm oil, tin and rubber (Lim, Barlow, & Thoburn, 1980). The Malaysian economy is considered to be the fourth after populous Philippines, Thailand and Indonesia. Based on GDP per capita, Malaysia is the 3rd richest nation in Southeast Asia. Malaysia is one of the top 10 economy in ASEAN (Min, 2016).
Production output performance analysis
Malaysia GDP per capita
This is considered to be the measure of the total output of the nation that takes GDP and divided it by the number of people in the country. The per capita GDP is normally useful when comparing with the other nation because it indicates the relative performance of the nations. The GDP per capita in Malaysia was 10876 USD in the year 2015. The per capita GDP in Malaysia is equal to 85% when compared to the world’s average. In the year of 2006 till the year 2015, the GDP per capita for Malaysia is 4909.30 USD from reaching an all-time high of 10876 in the year 2015 and recorded low of 8245.98 USD in the year 2006 (Begum, Sohag, Abdullah & Jaafar, 2015).
The per capita GDP is found by dividing the nation's GDP, adjusted by the total populace and by inflation. The graph above provides the current assessment for Malaysia and the past releases.
The gross domestic product (GDP) is considered to be one of the main indicators used to estimate the state of a country's economy. Other than showing the size of the economic, GDP also shows the total dollar worth of all goods and services produced. The GDP in Malaysia was valued at 296.22 billion US dollars in the year 2015. In addition, Malaysia GDP is 0.48% of the world economy (Trading Economics, 2016). Gross Domestic Product in Malaysia around 296.67 USD Billion from 2006 till 2015, reaching an all-time high of 338.10 Billion USD in 2014 and a record low of 162.42 Billion USD in 2006 (Begum, et al., 2015).
The GDP helps to measure of national income as well as output for a given nation's economy. The gross domestic product is equal to the total expenses for all final goods and services produced within the nation in a specified year (Jomo, 2013). The chart offers Malaysia GDP - real values and was last updated on December of 2016. GDP drop was also cause by the global collapse in crude oil prices (Chong, 2016).
Malaysia GDP Growth Rate
In Malaysia their Gross Domestic Product extended 1.50% in the third quarter of 2015 during the preceding quarter period. In the world, Malaysia is considered to be have of the fastest growth rate in 7 quarters. GDP Rate of growth in Malaysia is around 1.20% from 2006 until 2015, attaining an all-time high of 5.50% in the third quarter of the year 2002 and a registered low of -5.90% in the first quarter of 2006 (Begum, et al., 2015).
Malaysia has been considered to be the rapidly economy in Asia. This nation is a middle-income nation that began its transformation since the year 1970s from production of raw materials to an evolving multi-sector economy (Dr & Toukan, 2014). The Malaysian government is continuing efforts to promote domestic demand to dissuade the economy off of its dependence on the exports. However, the exports specifically the electronics remain the most important driver of the economy.
Government measures adopted to achieve production output
Fiscal Policy Transitions
Diversify and widen the Economy-In reaction to the reality of declining reserves, Malaysia should diversify its collection of economic development to the investments that expand its growth possibilities like regulatory framework, human capital, industrial growth and infrastructure. Develop Public Administration: Future financial policy must consider possible room for trimming operating expenses and reduce the nation’s footprint in the business sector in order to open a path for the improved private investment.
Fuel Subsidy Validation
Improve the Communications Plan: create a communication plan that expresses the expenses of fuel subsidies in several mediums for example radio and television with specific consideration to Sarawak and Sabah. Instantaneously Upsurge Values & Targeted Transferences: The government should strive to increase cash allocations for the poor timed with the intensification in values. Offering targeted transfers discourses the loss aversion bias that makes subsidy justification difficult (Jomo, 2013).