Place Credit Reports Malaysia Order
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Economy Overview:
Malaysia, a middle-income country, transformed itself from 1971 through
the late 1990s from a producer of raw materials into an emerging
multi-sector economy. Growth was almost exclusively driven by exports -
particularly of electronics. As a result, Malaysia was hard hit by the
global economic downturn and the slump in the information technology
(IT) sector in 2001 and 2002. GDP in 2001 grew only 0.5% because of an
estimated 11% contraction in exports, but a substantial fiscal stimulus
package equal to US $1.9 billion mitigated the worst of the recession,
and the economy rebounded in 2002 with a 4.1% increase. The economy grew
4.9% in 2003, notwithstanding a difficult first half, when external
pressures from Severe Acute Respiratory Syndrome (SARS) and the Iraq War
led to caution in the business community. Growth topped 7% in 2004 and
5% in 2005. As an oil and gas exporter, Malaysia has profited from
higher world energy prices, although the cost of government subsidies
for domestic gasoline and diesel fuel has risen and offset some of the
benefit. Malaysia "unpegged" the ringgit from the US dollar in 2005, but
so far there has been little movement in the exchange rate. Healthy
foreign exchange reserves, low inflation, and a small external debt are
all strengths that make it unlikely that Malaysia will experience a
financial crisis over the near term similar to the one in 1997. The
economy remains dependent on continued growth in the US, China, and
Japan - top export destinations and key sources of foreign investment.
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