Indicators of economy in Malaysia

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic were not insignificant in Malaysia 2020. Overall, gross domestic product in 2020 fell from 365.18 billion US dollars to 337.34 billion US dollars. With a drop of 7.6 percent, the economy in Malaysia suffered more significant losses than other countries. The tourism sector alone slumped by around 85 percent. The unemployment rate rose from 3.3 to 4.5 percent. The inflation rate fell from 0.7 percent previously to -1.1 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 372.98 billion US dollars (=102.1% of 2019).

Income and purchasing power

The average monthly income in Malaysia is 893 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 64.8 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Malaysia than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 57.1 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

In the Global Innovation Index, Malaysia ranked 36th in 2022 with 38.7 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 7 originate from Malaysia. This is determined annually in the Forbes Global 2000 list. The 7 largest companies in the country in 2022 were:

Rank 486: Maybank (Kuala Lumpur)
Rank 751: Public Bank (Kuala Lumpur)
Rank 837: Tenaga Nasional (Kuala Lumpur)
Rank 895: CIMB Group Holdings (Kuala Lumpur)
Rank 1236: Petronas Chemicals (Kuala Lumpur)
Rank 1525: RHB Bank (Kuala Lumpur)
Rank 1641: Hong Leong Financial (Kuala Lumpur)

Development of gross domestic product in billions of USD 1960 - 2021

Imports and Exports 2022

Development of imports and exports in billions of USD 1974 - 2022