Malaysia's Success In Lifting Millions From Poverty Often Overlooked -- World Bank
KUALA LUMPUR, Aug 29 (Bernama) -- Malaysia’s success in lifting millions out of poverty, without creating permanent slums, is often overlooked.
World Bank lead economist for Malaysia Dr Apurva Sanghi said on X (@ApurvaSanghi) that while about half of Malaysians lived in poverty a decade or so after Merdeka, the figure has now dropped to six in 100, lifting more than 14 million people out of poverty.
While efforts continue to bring the rate down to zero, he said the achievement was remarkable, particularly in the historical Malaysia-Singapore context.
Sanghi noted that Malaysia has also made great strides in moving from “simple” to “complex” goods, which require greater skills, knowledge and technology.
“Malaysia's economic complexity has outpaced that of every other commodity-dependent peer at similar income levels around independence. For instance, basic commodities, or "simple” goods, made up 95 per cent of exports in the early 1960s. Now they are only 30 per cent,” he said.
This transformation has significantly raised living standards, he added.
"The Philippines, Zambia, and others all started at the same point as Malaysia, but today, Malaysia’s gross domestic product per capita is 3.6 times that of the Philippines and about nine times that of Zambia. Malaysians should be proud of a relatively diversified economy and of escaping the resource curse,” he said.
He also highlighted that Malaysia has quietly become a global player in the halal economy, not just in food but also in cosmetics, logistics, tourism, pharmaceuticals and other sectors.
“Malaysian certification and standards now set a global benchmark,” he said.
-- BERNAMA