MALAYSIAN ECONOMIC DEVELOPMENT, LEADING INDUSTRIES AND INDUSTRIAL CLUSTERS

Thomas J. Webster ()
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Thomas J. Webster: Department of Finance and Economics, Lubin School of Business, Pace University, One Pace Plaza, New York, NY 10038, USA

The Singapore Economic Review (SER), 2014, vol. 59, issue 05, 1-19

Abstract: This paper briefly reviews six decades of Malaysia's economic development strategy, which may be described as bounded industrial policy that favors export-led growth. The objective of the current Tenth Malaysia Plan (2011–2015) is to achieve high-income status by 2020 by promoting high-value-added production through increased investments in human capital, adopting new technologies, promoting entrepreneurship to drive innovation and creativity, and elevating domestic demand as an engine of economic growth. Principal components analysis (PCA) and medoid partitioning applied to inflation-adjusted industrial production suggests that Malaysia satisfies the necessary, although not necessarily the sufficient, conditions to achieve this goal.

Keywords: Country studies; economic development; industrial policy; industrial clusters; Malaysia; medoid partitioning; principal component analysis; O14; O16; O25; O47; O53 (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1142/S0217590814500441

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