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1815-1914: World Trade Expansion - 4-5% growth rate - Industrial revolution - Production of tin and rubber 1912-1922: Post World War I Malaysia experienced "depression" of its economy Mid to late 1920's: Strong growth for Malaysian economy 1929-1932 GREAT DEPRESSION: Prices of Malaysian products, especially rubber, fell; causing "economic downfall" Prior World War II: Old International Division of Labor Malaysia had been exporter of raw materials and importers of manufactures 1942-1945: JAPANESE OCCUPATION - Businesses reassigned to Japanese interests - Laborers focused on military projects 1960's: From rubber, Malaysia switched to "oil palms" - supplying 20% of world demand - and hard wood timber 1970's: Malaysian economy based itself on natural resources and manufacturing - textile, electrical goods & electronics, rubber goods - discovery of large oil and natural gas deposits in East Malaysia 1982: Value of gas exports had reached its peak NEW ECONOMIC POLICY: Restructuring of Malay economy from 1970 to 1990 The NEP aims for the following: 1.) To redistribute corporate equity so that bumiputera would rise from 2% to 30% 2.) To eliminate the close link between race and economic function and restructive employment 3.) To eradicate poverty irrespective of race Export-oriented industrialization, free-trade zones, duty-free import of raw materials improvements in education and health NEW DEVELOPMENT POLICY 1991: VISION 2020: fully industrialized country and quadruple per capita income 1990's Growth of 8-9% a year Heavy expenditure on infrastructure e.g. Petronas Tower (1994)
RENTIER CAPITALISM 2000's - Positive economic growth - Strong resource base of oil production and agricultural products (e.g. palm oil) 2008-2009 RECESSION 2010 strongest real GDP growth for the decade at 7.2% Investment activities and robust private consumption
2011: 3rd highest level of foreign direct investment among its South East Asian peers (due to strong economic fundamentals and favorable rates)
1997-1998: Asian Financial Crisis - Heavy outflow of foreign capital - Economic numbers went negative