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Economics Assignment

In: Business and Management

Submitted By AveryWhitley
Words 4350
Pages 18
ECONOMIC BACKGROUND OF MALAYSIA

Malaysia is a small and open state-oriented and newly industrialized market economy. The code for the Malaysia currency is MYR. The currency of Malaysia is Ringgit Malaysia (RM) and is unofficially identified as the Malaysian dollar. Ringgit comes into notes and coins. A Ringgit can be divided into 100 cents. The currency is denominated into RM1, RM2, RM5, RM10, RM50 and RM100 while the Ringgit is denominate into 5 cents, 10 cents, 20 cents and 50 cents. The currency of Malaysia is currently pegged at RM3.80 to US$1.00. Malaysia centre bank is Bank Negara Malaysia.
Malaysia main trading partner is U.S, Japan and Singapore. Through the background economic of Malaysia, the largest deposits of tin in the 1840s led to Malaysia is being responsible for nearly half of the world’s tin output. Started in the early 20th century, the booming of the country’s agricultural sector is being seen that the rubber is replacing tin as Malaysia main export product.
Today, Malaysia is one of the largest exporters of semiconductors and electronic goods. The factories devote about 30% Malaysia’s total manufacturing sector output and there are 40 semiconductor companies operating in Malaysia. By the time, the International multi-national companies have set up assembly and testing units in Malaysia.
The important reserves of oil and gas are founded. The oil production occurs near Peninsular Malaysia as well as the regions of Sabah in east Malaysia ad Sarawak. Natural gas production has been steadily rising with several companies engaged in its production.
In 2007, the 3rd largest economy in South East Asia and the 29th largest economy in the world was the economy of Malaysia through the purchasing of power parity with gross domestic product. When one of three countries controls the Strait of Malacca and the international trade takes the role in the...

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