Trade is the catalyst for Malaysias economic success
The Dollar Business Bureau | @TheDollarBiz A recent report from the World Bank reveals that Malaysia’s endeavour to improve trade competitiveness has helped its economy grow, and almost 60% of goods and services produced in the country is consumed abroad. According to the World Bank, Malaysia's economy is expected to grow by 5.4% in 2014 and 4.6% in 2015, helped mainly by exports which contribute about 22% of the country’s GDP. “Trade is an engine of growth towards high-income status. As small and open economy, Malaysia’s path to high-income status is tied to its trade performance,” says the World Bank report. There are three major ways in which trade contributes to Malaysia’s growth. First, trade has allowed a small economy like ...
