SPECIFIC FEATURES OF MALAYSIA´S ECONOMIC DEVELOPMENT – NEW ECONOMIC POLICY

Ludmila Lipková ()
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Ludmila Lipková: Fakulta medzinárodných vzťahov, Ekonomická univerzita v Bratislave

Almanach (Actual Issues in World Economics and Politics), 2019, vol. 14, issue 4, 59-67

Abstract: Malaysia is one of the group of the fastest growing Asian states, called the newly industrialized nations of the second generation. Thanks to its natural wealth, but especially its very effective economic policy, it has become a developed industrial state, which, together with the diversification of the economy, successfully tackles poverty issues. After independence, the newly formed state had to deal with many socio-economic disproportions among the population. In order to support the development of indigenous peoples, the constitution has enshrined positive discrimination against Malays. At the moment, this positive discrimination raises the tension and disapproval of the other non-Malay population, which is automatically discriminated against. A particularly positive role in economic development - in Malaysia's "economic miracle" - was played by Prime Minister Mohammed Mahathir's policy. The specificity of Malaysia is that it uses Islamic elements in the economy. Malaysia is still experiencing a high GDP growth and is continuing to modernize.

Keywords: Malaysia; economic development; new economic policy; modernization (search for similar items in EconPapers)
JEL-codes: E60 O10 (search for similar items in EconPapers)
Date: 2019
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