International Webinar 2022 - Recession Proof business Strategies for 2023 – Part 5

Malaysia's economy is the third largest in Southeast Asia and the 34th largest in the world in terms of GDP. Malaysia's 2018 labor productivity was measured at Int$55,360 per worker, the third highest in ASEAN. According to the Global Competitiveness Report 2021, Malaysia's economy is the 25th most competitive economy in the world.


Malaysians enjoy a relatively affluent lifestyle compared to many of their neighbors in Southeast Asia. This is due to a rapidly growing export-oriented economy, relatively low national income taxes, highly affordable local fuels and transport, and a fully subsidized single payer public health care system. Malaysia has an emerging industrial market economy, which is relatively open and country-oriented. Malaysia's economy is very strong and diversified with the export value of high-tech products in 2020 reaching US$92.1 billion, the second highest in ASEAN. Malaysia exports the second largest volume and value of palm oil products globally, after Indonesia.


Malaysia experienced an economic boom and experienced rapid development during the late 20th century and had a (nominal) GDP per capita of US$11,062,043 in 2014, and is considered a newly industrialized country. In 2009, PPP GDP was US$383.6 billion, about half of 2014, and PPP GDP per capita was US$8,100, about one third of 2014.


According to a 2012 HSBC report, Malaysia will be the 21st largest economy in the world by 2050, with a GDP of $1.2 trillion (2000 Dollars) and a GDP per capita of $29,247 (2000 Dollars). The report also said, "Manufacturers of electronics, petroleum and liquefied natural gas equipment will see substantial increases in per capita income. Malaysia's life expectancy, relatively high education levels and above-average fertility rates will aid its rapid expansion." " Viktor Shvets, managing director at Credit Suisse, said "Malaysia has all the right ingredients to become a developed country."


In early 2020, Malaysia's economy was badly hit by the COVID-19 pandemic which eventually spread worldwide, and caused shutdowns and economic decline in the country, more severe since 2008. In early December 2020 during the pandemic, Fitch downgraded the country's ratings from A− becomes BBB+. Some, such as Hoo Ke Ping at the Kingsley Strategic Institute, suggest that this was due to a lack of communication between the new government and the rating agencies. Others, such as Carmelo Ferlito, of the Center for Market Education, say that something more substantial may be needed as the recent budget lacks a strategy for recovery and dealing with political tensions, and similarly, Shan Saeed of Juwai IQI suggests the agency has a lot of relevance. because the analysis is "Behind the curve". However, the country's COVID-19 recession ended on April 1, 2022 as the infection rate of Deltacron COVID-19 hybrids continued to fall and was ahead of the endemic phase.


The above material was presented by a presenter from Malaysia in an international webinar held by STEKOM University in collaboration with Universities from Malaysia, PRC and various other parties. The title of the presentation brought by the presenter from Malaysia was "Recession-proof business strategies 2023: Malaysia's Economy Perspective." The presenter's name is Hafizah Abdul Rahim who is a senior lecturer and research fellow at the center of excellence for social innovation and sustainability, faculty of business and communication at Universiti Malaysia Perlis.


This international webinar activity is part of the implementation of STEKOM University's commitment to increase various international activities. This was done in order to realize the vision to become an international-class university. Various international activities carried out by STEKOM University continue from year to year. There are international activities that are sustainable and there are also some international activities that are not sustainable. All types of international activities are accommodated and regulated by the International department of STEKOM University.