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Malaysia: Economies
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Malaysia is not a signatory of the WTO Government Procurement Agreement (GPA). Malaysia’s official policy is explicitly discriminatory, calling for procurement to be used to support national public policy objectives. These objectives include encouraging greater participation of bumiputera (ethnic Malays) in the economy, transferring technology to local industries, reducing the outflow of foreign exchange, creating opportunities for local companies in the services sector, and enhancing Malaysia’s export capabilities.
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Between the 1980s and the early 1990s, Malaysia experienced significant economic growth under the premiership of Tun Dr Mahathir bin Mohamad. The period saw a shift from an agriculture-based economy to one based on manufacturing and industry in areas such as computers and consumer electronics. It was during this period, too, that the physical landscape of Malaysia has changed with the emergence of numerous mega-projects. The most notable of these projects are the Petronas Twin Towers (at the time the tallest building in the world), KL International Airport (KLIA), the Sepang F1 Circuit, the Multimedia Super Corridor (MSC), the Bakun hydroelectric dam and Putrajaya, a new federal administrative capital.
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Malaysia was once the world's largest producer of tin until the collapse of the tin market in the early 1980s. In the 19th and 20th century, tin played a predominant role in the Malaysian economy. It was only in 1972 that petroleum and natural gas took over from tin as the mainstay of the mineral extraction sector. Meanwhile, the contribution by tin has declined. Petroleum and natural gas which were discovered in oilfields offshore Sabah, Sarawak and Terengganu have contributed much to the Malaysian economy. Other minerals of some importance or significance include copper, bauxite, iron-ore and coal together with industrial minerals like clay, kaolin, silica, limestone, barite, phosphates and dimension stones such as granite as well as marble blocks and slabs.
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Malaysia is highly externally dependent, with exports contributing over 120% to overall GDP, and as the global economy slows in 2007, Malaysian growth will drop to 5.5%, from an estimated 5.9% in 2006. Little support is likely to come from the domestic economy, which is feeling the effects of monetary tightening in late 2005 and early 2006. Inflation... is easing and will drop below 2% when the effects of fuel price hikes last March drop out of the base. This will create room for the central bank to cut rates in the second quarter, which will help to support the economy later in the year.
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Malaysia has been industrializing rapidly over the course of the past three decades. Previously, the economy relied on the production of mineral and agricultural export commodities-palm oil, natural rubber, tropical timber and other minor mineral, and agricultural products. It is now an economy dominated by manufacturing and services. In 2002 manufacturing accounted for 30.6% of nominal GDP, up from 30.5% in 2001, whereas the share of services fell to 50.7% from 51.8%.
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Malaysia has experienced little political violence since ethnic rioting in 1969, which led to the establishment of the National Economic Policy, a program designed to give the bumiputera majority a larger stake in the economy. Prime Minister Abdullah Badawi assumed power in late 2003 on the retirement of his predecessor, Mahathir Mohamad, and was returned with a large parliamentary majority in peaceful elections in March 2004.
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