Based on the IMF GDP data , Malaysia’s economy is now ranked 6th in ASEAN. Ten years ago, Malaysia was 3rd largest economy in ASEAN. Philippines and Singapore overtook Malaysia in 2015. Now, Malaysia’s economy is smaller than that of Vietnam.
2020 IMF GDP data:
- Brunei $12.02b
The economy ranking continues to fall despite of Malaysia having so many ministers overlooking and promoting economy, development and productivity; namely, (1) Senior Minister for Finance and Economy, also the Minister of International Trade and Industry, (2) Minister of Finance, (3) Minister of Domestic Trade and Consumer Affairs, (4) Minister of Agriculture and Food Industries, (5) Minister of Plantation Industries and Commodities, (6) Minister of Energy and Natural Resources, (7) Minister of Entrepreneurship Development and Cooperative, (8) Minister of Rural Development and (9) Minister in the Prime Minister Office (Economic Affairs).
Source : 1 Media
MALAYSIANS need to embark on a serious soul-searching exercise if we are to keep up with the rest of the world, especially Southeast Asia (SEA).
“The Japan Centre for Economic Research (JCER) has predicted that Vietnam will become an upper-middle-income country in 2023 and its gross domestic product (GDP) will surpass Taiwan in 2035.
“In 1970, when we started the New Economic Policy (NEP), Vietnam had a GDP of US$2.7 bil, trailing behind our GDP of US$3.7 bil.
“But now, Vietnam has a larger GDP and is set to leave Malaysia far behind in the coming years,”
In a report by JCER, entitled Asia in the coronavirus disaster: Which countries are emerging?, the research house predicted that only China, Vietnam and Taiwan are on track to maintain positive year-on-year growth rates this year.
It also predicted that Vietnam would sustain a growth rate of 6% in 2035 due to booming exports.
Poised to enjoy a per capita income of US$11,000 in 2035, Vietnam is on track to become the second largest economy in SEA, after Indonesia.
Touching on the data, Lim said that from 1970 to this year, Vietnam’s GDP grew by 122 times compared to Malaysia, which grew about 90 times.
“We have also lost out to Singapore, where its GDP grew by 176 times in the past 50 years as well as Indonesia, whose GDP grew by 111 times. Where did we go wrong?”