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Malaysian Economic Development, Leading Industries And Industrial Clusters

Author

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  • THOMAS J. WEBSTER

    (Department of Finance and Economics, Lubin School of Business, Pace University, One Pace Plaza, New York, NY 10038, USA)

Abstract

This paper briefly reviews six decades of Malaysia's economic development strategy, which may be described as bounded industrial policy that favors export-led growth. The objective of the current Tenth Malaysia Plan (2011–2015) is to achieve high-income status by 2020 by promoting high-value-added production through increased investments in human capital, adopting new technologies, promoting entrepreneurship to drive innovation and creativity, and elevating domestic demand as an engine of economic growth. Principal components analysis (PCA) and medoid partitioning applied to inflation-adjusted industrial production suggests that Malaysia satisfies the necessary, although not necessarily the sufficient, conditions to achieve this goal.

Suggested Citation

  • Thomas J. Webster, 2014. "Malaysian Economic Development, Leading Industries And Industrial Clusters," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 59(05), pages 1-19.
    • Handle: RePEc:wsi:serxxx:v:59:y:2014:i:05:n:s0217590814500441
    DOI: 10.1142/S0217590814500441
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    References listed on IDEAS

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    1. Aubert, Jean-Eric, 2005. "Promoting innovation in developing countries: a conceptual framework," Policy Research Working Paper Series 3554, The World Bank.
    2. Zainal Aznam Yusof & Deepak Bhattasali, 2008. "Economic Growth and Development in Malaysia," World Bank Publications - Books, The World Bank Group, number 28046.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Country studies; economic development; industrial policy; industrial clusters; Malaysia; medoid partitioning; principal component analysis; O14; O16; O25; O47; O53;
    All these keywords.

    JEL classification:

    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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