DISCUSS THE CHANGING ECONOMIC STRUCTURE OF MALAYSIA SINCE INDEPENDENCE IN 1957

DISCUSS THE CHANGING ECONOMIC STRUCTURE OF MALAYSIA SINCE INDEPENDENCE IN 1957


INTRODUCTION

Malaysia¡¦s economic success has seemed like a miracle to many observers. Malaysia¡¦s economy has successfully weathered the depression of the 1980¡¦s and the currency crisis of 1997 and emerged stronger. Today, Malaysia is regarded as a Newly Industrialising Country and is one of the most successful developing countries. This miracle has not occurred overnight but has been the result of the hard work and sacrifices of the Malaysian government and its people.

At the time of independence in 1957 the Malaysian economy was a lopsided economy heavily dependent on rubber and tin for 70% of total export earnings, 28% of government revenue and 36% of total employment. The economy has diversified to an industrialised economy. By 1990, rubber and tin no longer dominated the economy and the manufacturing sector accounted for 27% of the GDP and surpassed agriculture and forestry....