Globalisation and deglobalisation

Central Bank of Malaysia

A chapter in Globalisation and deglobalisation, 2018, vol. 100, pp 223-229 from Bank for International Settlements

Abstract: Malaysia’s integration into global value chains has played a crucial role in the recent development of the economy, helping to promote its diversification into higher value added and services-based manufacturing. Globalisation has also enabled technological advances and higher investment. This has led to faster income growth, particularly for capital owners and highly skilled workers. However, Malaysia is also now faced with new issues, such as a heavier reliance on foreign workers and heightened vulnerability from global developments. In particular, Malaysia also faces challenges posed by highly volatile capital flows. Moving forward, the global economy will inevitably become more interconnected. The policy imperative is to develop a labour force that is able to respond quickly to changing global demands, strengthen economic fundamentals to protect economic resilience and continuously implement structural reforms to future-proof the economy.

Keywords: Globalisation; regional integration; global value chain; trade openness; technological advancement; flexible labour market; international policy cooperation; financial integration; trade protectionism. (search for similar items in EconPapers)
Date: 2018
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