It was estimated that there will be a Malaysia economic growth by a minimum of 6 percent in 2008. This was said by government minister, who was sure of fact that this economic growth of Malaysia will be able to tame inflation rate and can trace conditions of US recession. Swelling in prices of food and oil was a threat to economic growth of Malaysia but this threat was calmed down by Malaysia finance minister.
In an interview, Nor Mohamed Yakcop told Reuters that if condition is not as was expected, then also Malaysia economic growth will reach closer to 6 percent and if things get better, then growth can be about 6.5 percent in financial year 2008. It has been estimated that in last three years, Malaysia economic growth has been fastest despite of fact there has been fall in key tech exports and hike in domestic consumption. Malaysia is world's second-largest producer of crude palm oil and is net crude oil exporter. This has played a major part in helping economic growth in Malaysia. Growing economy of Malaysia increases demand for U.S. exports as it is vital for economic growth at Malaysia. Electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals are major export items of Malaysia. 2007 economic reports show that major export partners were US (15.6 percent), Singapore (14.6 percent), Japan (9.1 percent), China 8.8 (percent), Thailand (5 percent), and Hong Kong (4.6 percent). For Malaysia economic growth, exports of goods play an integral part. Malaysia has been seeking investment from America, which is arranged by a program of incentives. Tax incentives for foreign investors and several free trade zones are offered by Malaysian government. Several American business establishments also privatized government-held companies of Malaysia. Economy of Malaysia is moderately open and aggregate exports and imports of goods and services are equivalent to approximately 130 percent of GNP. Though manufacturing industry contributes more than 25 percent to Malaysia economic growth, yet agriculture remains major part of economy of Malaysia. As was estimated in year 2008, contribution to agricultural sector to Malaysia GDP was 9.7 percent, 44.6 percent from industrial sector and 45.7 percent came from service sector. Malaysia economic growth has been largely because of investment in real estate sector, non tradable sectors and capital intensive infrastructure. In financial year, 2008, $15,700 has been estimated as Malaysia GDP per capita.
In an interview, Nor Mohamed Yakcop told Reuters that if condition is not as was expected, then also Malaysia economic growth will reach closer to 6 percent and if things get better, then growth can be about 6.5 percent in financial year 2008. It has been estimated that in last three years, Malaysia economic growth has been fastest despite of fact there has been fall in key tech exports and hike in domestic consumption. Malaysia is world's second-largest producer of crude palm oil and is net crude oil exporter. This has played a major part in helping economic growth in Malaysia. Growing economy of Malaysia increases demand for U.S. exports as it is vital for economic growth at Malaysia. Electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals are major export items of Malaysia. 2007 economic reports show that major export partners were US (15.6 percent), Singapore (14.6 percent), Japan (9.1 percent), China 8.8 (percent), Thailand (5 percent), and Hong Kong (4.6 percent). For Malaysia economic growth, exports of goods play an integral part. Malaysia has been seeking investment from America, which is arranged by a program of incentives. Tax incentives for foreign investors and several free trade zones are offered by Malaysian government. Several American business establishments also privatized government-held companies of Malaysia. Economy of Malaysia is moderately open and aggregate exports and imports of goods and services are equivalent to approximately 130 percent of GNP. Though manufacturing industry contributes more than 25 percent to Malaysia economic growth, yet agriculture remains major part of economy of Malaysia. As was estimated in year 2008, contribution to agricultural sector to Malaysia GDP was 9.7 percent, 44.6 percent from industrial sector and 45.7 percent came from service sector. Malaysia economic growth has been largely because of investment in real estate sector, non tradable sectors and capital intensive infrastructure. In financial year, 2008, $15,700 has been estimated as Malaysia GDP per capita.
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