Capital City: Kuala Lumpur
	It is %T:%M %A in Kuala Lumpur

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Economic trends

Malaysia has one of the highest standards of living in SE Asia, largely because of its established industrial sector which propelled the country to an 8%–9% yearly growth rate from 1987 to 1997.However, 1997-98 Asian financial crisis affected the economy badly, which was followed by slow down of global economy after 11th September 2001. The GDP growth rate was 5.9% in 2006 and 5.8% in 2007. Domestic demand and dynamism in exports are two major growth factors. IMF forecasts a growth rate of 5.6% in 2008. Despite long-term efforts of the government to improve the economic status of native ‘Malays’ through preferences, the Chinese have generally continued their long-standing dominance of the economy. The current-account surplus will remain substantial in both 2007 & 2008.

Main branches of industry

Malaysia has successfully developed from a commodity-based economy (mainly exporting rubber and tin) to one focused on manufacturing. Industry contributes nearly 50% to the GDP. Malaysia is one of the world's largest exporters of semiconductor devices, electrical goods, and appliances, and the government has ambitious plans to make Malaysia a leading producer and developer of high-tech products, including software development. Malaysia is a major destination for outsourcing after China and India. Country has attracted large foreign investments which has played a significant role in the transformation of Malaysia's economy. Agriculture remains the basis of livelihood for about 20% of Malaysians and contributes about 15% of GDP. Malaysia is classified among the world's leading producers of palm oil, cocoa and rubber. The country is also a major exporter of tropical wood. The services sector accounts for nearly 50% to the GDP.

International trade

Malaysia is well known for its openness to international trade. Foreign trade accounts for more than double of the country’s GDP. The top three export partners are: the USA, Singapore, Japan. The commodities mainly exportes electric & electronic equipment, machinery, mineral fuels & oils, animal & vegetable oils & fats, wood and wood charcoal. The top three import partners are: Japan, the USA, Singapore. The country mainly imports electric & electronic equipment, machinery, mineral fuels & oils, plastics, and iron & steel.