Economic Growth and Development in Malaysia
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World Bank, Washington, DC
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Malaysia is a multiethnic,
upper-middle-income country that has relied heavily on
income from its natural resources to engineer successful
diversification into manufacturing and sharply increased
incomes for all ethnic groups. This paper examines the role
of the policy-making process and national leadership in
effecting this structural change and growth with equity. It
discusses the government's role in transforming
corporate ownership patterns while nurturing industrial
enterprises into niche products within complex value-added
chains. At the same time, the paper underscores the
difficulties and costs of attempting to move into areas
where an economy has no strong advantages, in this case
heavy industries. Privatization is seen to have been a
powerful tool for expanding private enterprise despite
limited entrepreneurial skills, but it is questionable as a
sustainable strategy; the aggressive formation of new firms
seems to offer better long-term prospects. An appropriate
regime of policy making and implementation is required,
characterized by political determination, stability, high
attention to growth with equity, experimentation, and an
ability to learn through implementation, both at home and
from the experience of others. These are key factors
accounting for the relative success of Malaysia. Nothing in
the Malaysian experience suggests that it is possible or
desirable to undertake reforms serially; in fact, the
evidence suggests that the "reform cluster"
approach to policy implementation is more effective because
it addresses several coordination problems at the same time.
Palabras clave
ABUSES, ACCOUNTING, AGRICULTURAL OUTPUT, AGRICULTURE, ASSETS, BIDDING, BINDING CONSTRAINT, BINDING CONSTRAINTS, BONDS, BUSINESS APPLICATION, BUSINESS APPLICATIONS, CAPITAL FORMATION, CAPITAL MARKETS, CITIZENSHIP, CLIMATE CHANGE, COAL, COMMERCIAL BANKING, COMMODITIES, COMMODITY, COMMODITY EXPORT, COMMODITY PRICES, COMMUNICATIONS TECHNOLOGY, COMPARATIVE ADVANTAGE, CONDOMS, CONFIDENTIALITY, CORPORATE OWNERSHIP, CORRUPTION, CRIMES, CRONYISM, CURRENT POPULATION, DEMOGRAPHIC, DEVELOPING COUNTRIES, DEVELOPMENT PLANS, DEVELOPMENT POLICIES, DEVELOPMENT POLICY, DEVELOPMENT PROJECTS, DEVELOPMENT STRATEGY, DIGITAL SIGNATURE, DISADVANTAGED GROUPS, DIVESTMENT, DOMESTIC ECONOMY, ECONOMIC CHANGES, ECONOMIC CONDITIONS, ECONOMIC DEVELOPMENT, ECONOMIC EFFICIENCY, ECONOMIC GROWTH, ECONOMIC HISTORY, ECONOMIC POLICY REFORM, ENGINEERING GOODS, ETHNIC GROUPS, EXPORT GROWTH, EXPORT MARKET, EXPORT PROCESSING ZONES, EXPORTS, FAMILY MEMBERS, FEDERAL GOVERNMENT, FERTILITY, FERTILITY LEVELS, FINANCIAL CRISIS, FISCAL POLICIES, FOOD PRICES, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN GOVERNMENTS, FOREIGN INVESTORS, FORESTRY, FREE TRADE, FUTURE GROWTH, GDP, GLOBALIZATION, GOOD GOVERNANCE, GOVERNMENT BUDGET, GOVERNMENT GUARANTEES, GOVERNMENT PROGRAMS, GOVERNMENT SECURITY, GROSS NATIONAL INCOME, IMMIGRANT, IMMUNITY, IMPORTANT POLICY, INCOME, INCOME TAX, INCOMES, INDIGENOUS GROUPS, INDUSTRIAL DEVELOPMENT, INDUSTRIALIZATION, INITIATIVE, INTERNATIONAL COMPETITION, INTERNATIONAL ECONOMY, INTERNATIONAL TRADE, JOB CREATION, JOINT VENTURE, JUDICIAL SYSTEM, JUDICIARY, JURISDICTION, LABOR COSTS, LABOR FORCE, LAWS, LEADERSHIP, LEGAL STATUS, MANUFACTURING INDUSTRIES, METALS, MINISTER, MINISTERS, MOBILE PHONES, MODERNIZATION, MONOPOLIES, MULTINATIONAL, MULTINATIONAL CORPORATIONS, NATIONAL COUNCIL, NATIONAL DEVELOPMENT, NATIONAL INCOME, NATIONAL OUTPUT, NATIONAL POLICY, NATURAL RESOURCES, NDP, OIL, OUTSOURCING, PARLIAMENTARY SEATS, PATRONAGE, POLICE, POLICY CHANGE, POLICY INSTRUMENTS, POLICY LEVEL, POLICY MAKERS, POLITICAL ECONOMY, POLITICAL LEADERSHIP, POLITICAL PARTIES, POLITICAL PARTY, POLITICAL SYSTEM, POLITICIANS, POPULATION GROWTH, PRACTITIONERS, PRICE INCREASES, PRIVATE INVESTMENT, PRIVATE INVESTORS, PRIVATE MARKET, PRIVATIZATION, PROCUREMENT, PRODUCERS, PRODUCTION COSTS, PROGRESS, PURCHASING POWER, PURCHASING POWER PARITY, RACE RELATIONS, RADIO, RAPID GROWTH, RAPID INDUSTRIALIZATION, RATE OF GROWTH, REGULATORY ENVIRONMENT, REGULATORY FRAMEWORK, RESPECT, RULE OF LAW, RURAL AREAS, SAVINGS, SENSITIVE ISSUES, SIGNIFICANT POLICY, SMALLHOLDERS, SMART CARDS, SOCIAL POLICIES, STATE GOVERNMENT, STATE GOVERNMENTS, STATE POLICIES, STRUCTURAL CHANGE, SUPPLY SHORTAGES, TAX, TAX CREDITS, TAX REVENUES, TECHNOLOGY TRANSFERS, TELECOMMUNICATIONS, TERMS OF TRADE, TERRORIST, TOTAL COSTS, TOTAL OUTPUT, TRADITIONAL VALUES, TRAINING CENTERS, TRANSPORTATION, URBAN AREAS, URBANIZATION, VALUATION, VALUE ADDED, VALUE ADDED, VALUEADDED, VOLATILITY, VOTERS, WAR, WEALTH