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The Malaysian Economic Experience And Its Relevance For The Oic Member Countries

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  • ARIFF, MOHAMED

    (Executive Director, Malaysian Institute for Economic Research)

Abstract

Malaysia’s economic track record in development is extremely impressive by any standards. The economy has made quantum leaps in just over three decades. It is noteworthy that rapid economic growth has been accompanied by a more equitable income redistribution without significant inflationary overtones. Trade represents the life-blood of the Malaysian economy with foreign direct investments playing a pivotal role in the industrialisation process. Economic openness has brought prosperity as well as vulnerability. To be sure, the Malaysian economy has been fairly resilient until it was caught in a major currency turmoil that began in mid- 1997. However, the origins of the current crisis are not entirely external. Domestic policies too have inadvertently contributed to the economic woes of the country. Nevertheless, the economy rests on solid foundations built since independence in 1957. The current problems are viewed as no more than a passing phase. However, there is a need to recognise policy failures, identify structural flaws in the system and set the house in order. OIC member countries can find useful lessons, both positive and negative, especially in the real of economic governance in Malaysia’s development experience.

Suggested Citation

  • Ariff, Mohamed, 1998. "The Malaysian Economic Experience And Its Relevance For The Oic Member Countries," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 6, pages 1-41.
  • Handle: RePEc:ris:isecst:0091
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    References listed on IDEAS

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    1. Anne O. Krueger, 1978. "Foreign Trade Regimes and Economic Development: Liberalization Attempts and Consequences," NBER Books, National Bureau of Economic Research, Inc, number krue78-1.
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    Cited by:

    1. Dr. Suranthiran Naidu A/L M.N. Naidu., 2023. "The Interweaved and Imbedded Impact of the Rukun Tetangga Community Relations Programme on Malaysian Nationhood as Governed by the Rukun Negara National Ideology," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(7), pages 1646-1660, July.
    2. Zaman, Asad, 2008. "Islamic Economics: A Survey of the Literature," MPRA Paper 11024, University Library of Munich, Germany.
    3. Peter Aning Tedong & Jill L. Grant & Wan Nor Azriyati Wan Abd Aziz, 2015. "Governing Enclosure: The Role of Governance in Producing Gated Communities and Guarded Neighborhoods in Malaysia," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 39(1), pages 112-128, January.
    4. Bekhet, Hussain Ali & Othman, Nor Salwati, 2018. "The role of renewable energy to validate dynamic interaction between CO2 emissions and GDP toward sustainable development in Malaysia," Energy Economics, Elsevier, vol. 72(C), pages 47-61.

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