![]() ![]() Malaysia is also the world's largest Islamic banking and financial centre. Manufacturing has a large influence in the country's economy, accounting for over 40% of the GDP. ![]() ![]() At one time, it was the largest producer of tin, rubber and palm oil in the world. Main article: Economic history of MalaysiaĪs one of three countries that control the Strait of Malacca, international trade plays a very significant role in Malaysia's economy. Malaysia exports the second largest volume and value of palm oil products globally, after Indonesia. The Malaysian economy is highly robust and diversified with the export value of high-tech products in 2020 standing at US$92.1 billion, the second highest in ASEAN. Malaysia has a newly industrialised market economy, which is relatively open and state-oriented. This is due to a fast-growing export-oriented economy, a relatively low national income tax, highly affordable local food and transport fuel, as well as a fully subsidized single-payer public healthcare system. Malaysians enjoy a relatively affluent lifestyle compared to many of its neighbours in Southeast Asia. The 2021 Global Competitiveness Report ranked Malaysian economy the 25th most competitive country economy in the world. The 2018 labour productivity of Malaysia was measured at Int$55,360 per worker, the third highest in ASEAN. The economy of Malaysia is the fifth largest in Southeast Asia and the 38th largest in the world in terms of GDP. All values, unless otherwise stated, are in US dollars.
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