Malaysia GDP 2023 Live
The live counter shows estimated figures for Malaysia GDP during the current year (from January 1, 2023 up to July 24, 2024based on the latest IMF.
The statistic shows Malaysia gross domestic product (GDP) from 1960 to 2023, with projections up until 2027. GDP in Malaysia is expected to each 467.46 USD Billion by the end of 2023, according to IMF expectations. In the long-term, the Malaysia GDP is projected to trend around 503 USD Billion in 2024 and 539.6 USD Billion in 2025, according to our econometric models.
Malaysia GDP Rank 38th (Nominal) and 31st (PPP) in 2023.
Malaysia GDP 2023
Malaysia’s economy is the third largest in Southeast Asia, after Indonesia and Thailand. In 2023, Malaysia’s GDP was estimated to be $467 billion, with a per capita GDP of $13,942. Malaysia has a diverse economy, with a mix of agriculture, manufacturing, and services sectors. Malaysia is also one of the world’s leading exporters of palm oil and rubber.
Malaysia’s economic growth has been relatively steady in recent years, with an average annual growth rate of around 5% over the past decade. In 2023, Malaysia’s economy grew by 4.3%, but growth slowed to -5.53% in 2020 due to the COVID-19 pandemic. However, Malaysia’s economy is expected to recover in 2021, with GDP growth projected to be around 3.09%.
Factors Driving GDP Growth in Malaysia:
Several factors are driving GDP growth in Malaysia, including:
Strong Trade Performance: Malaysia is heavily dependent on trade, with exports accounting for around 70% of the country’s GDP. Malaysia is a major exporter of manufactured goods, including electronics, machinery, and chemicals. Malaysia is also a significant exporter of natural resources, such as palm oil, rubber, and oil and gas. Despite the challenges posed by the COVID-19 pandemic, Malaysia’s trade performance has remained strong, with exports growing by 12.6% in 2021.
Government Spending: The Malaysian government has implemented several measures to support economic growth, including increased spending on infrastructure projects and social welfare programs. In 2020, the government launched a $67 billion stimulus package to support businesses and households affected by the COVID-19 pandemic. This stimulus package is expected to boost Malaysia’s economic recovery in 2021 and beyond.
Strong Consumer Demand: Despite the challenges posed by the COVID-19 pandemic, consumer demand in Malaysia has remained strong. This is due in part to the government’s stimulus measures, as well as a growing middle class with rising disposable incomes. Consumer spending is expected to remain strong in 2023, supporting GDP growth.
Diversification of the Economy: Malaysia has been working to diversify its economy away from its dependence on natural resources and towards higher-value industries, such as technology and services. This strategy has been successful, with the services sector now accounting for around 56% of Malaysia’s GDP. The continued diversification of Malaysia’s economy is expected to support GDP growth in the long term.
Outlook for Malaysia’s GDP in 2023:
Based on current trends and projections, Malaysia’s GDP is expected to continue growing in 2023. The World Bank predicts that Malaysia’s GDP growth will reach 5.8% in 2023, up from an estimated 4.5% in 2021.
Several factors are expected to support Malaysia’s economic growth in 2023, including:
Continued Strong Trade Performance: Malaysia is expected to benefit from strong global demand for its manufactured goods, particularly in the electronics and automotive sectors. This is expected to support continued growth in exports and drive GDP growth.
Increased Government Spending: The Malaysian government has announced plans to increase spending on infrastructure projects, which is expected to boost economic activity and support job creation. This increased spending is expected to support GDP growth.
Growing Domestic Demand: Domestic demand is expected to remain strong in 2023, driven by a growing middle class with rising disposable incomes. This is expected to support continued growth in consumer spending, which is a key driver of GDP growth.
Diversification of the Economy: Malaysia’s ongoing efforts to diversify its economy away from natural resources and towards higher-value industries, such as technology and services, are expected to support GDP growth in the long term. This diversification is expected to drive innovation, increase productivity, and create new job opportunities.
However, there are also some risks that could potentially hinder Malaysia’s economic growth in 2023. One such risk is the ongoing COVID-19 pandemic, which could lead to renewed restrictions on economic activity and lower consumer confidence. Additionally, geopolitical tensions and trade disputes could potentially disrupt global trade flows, which would negatively impact Malaysia’s export-driven economy.
Malaysia GDP Per Capita 2023
GDP Per Capita in Malaysia is expected to reach 13,942 USD by the end of 2023, according to IMF expectations. In the long-term, the Malaysia GDP Per Capita is projected to trend around 14,826 USD in 2024 and 15,717 USD in 2025, according to our econometric models.
In 2020, Malaysia’s GDP per capita was USD 10,361, a slight decrease from USD 11,132 in 2019. The decline was mainly due to the COVID-19 pandemic, which has affected many countries’ economies worldwide. However, Malaysia’s economy is expected to recover in the coming years, with the IMF projecting a growth rate of 3.09% for 2021 and 5.4% for 2022.
Several factors are driving Malaysia’s economic growth. One of the most significant contributors is the country’s strategic location in Southeast Asia, which provides access to the world’s fastest-growing economies such as China and India. Additionally, Malaysia’s diversified economy, which is driven by sectors such as manufacturing, services, and agriculture, is another key driver of economic growth.
Malaysia is also actively investing in technology and innovation to drive its economic growth. For example, the government’s National Policy on Industry 4.0 aims to promote the adoption of advanced technologies such as automation and artificial intelligence in manufacturing and other industries. This policy is expected to increase productivity, reduce costs, and improve the competitiveness of Malaysian businesses.
Another important factor driving Malaysia’s economic growth is the country’s political stability. Malaysia has a stable political environment, which has attracted significant foreign direct investment (FDI) into the country. In 2020, Malaysia attracted USD 4.8 billion in FDI, with the manufacturing and services sectors being the largest recipients.
In conclusion, Malaysia’s GDP per capita is expected to continue growing in 2023, driven by several factors such as the country’s strategic location, diversified economy, investments in technology and innovation, and political stability. While the COVID-19 pandemic has affected Malaysia’s economy, the country is well-positioned to recover and continue on its growth trajectory.
Malaysia GDP Growth 2023
GDP Growth Rate in Malaysia is expected to reach 4.38% by the end of 2023, according to IMF expectations. In the long-term, the Malaysia GDP Growth is projected to trend around 4.92% in 2024 and 4.42% in 2025, according to our econometric models.
One of the key drivers of Malaysia’s economic growth is the country’s strategic location in Southeast Asia, which provides access to the world’s fastest-growing economies such as China and India. Additionally, Malaysia’s diversified economy, which is driven by sectors such as manufacturing, services, and agriculture, is another key driver of economic growth.
Malaysia has also been investing in technology and innovation to drive its economic growth. For example, the government’s National Policy on Industry 4.0 aims to promote the adoption of advanced technologies such as automation and artificial intelligence in manufacturing and other industries. This policy is expected to increase productivity, reduce costs, and improve the competitiveness of Malaysian businesses.
Another important factor driving Malaysia’s economic growth is the country’s political stability. Malaysia has a stable political environment, which has attracted significant foreign direct investment (FDI) into the country. In 2020, Malaysia attracted USD 4.8 billion in FDI, with the manufacturing and services sectors being the largest recipients.
However, the COVID-19 pandemic has had a significant impact on Malaysia’s economy, with the country experiencing a contraction of 5.6% in GDP in 2020. Nevertheless, Malaysia’s economy is expected to recover in the coming years, with the IMF projecting a growth rate of 4.92% for 2024 and 4.42% for 2025.
To support Malaysia’s economic recovery, the government has implemented various measures such as the National COVID-19 Immunization Program to ensure a safe and healthy environment for businesses and workers. The government has also provided financial assistance to affected businesses and individuals to mitigate the impact of the pandemic.
In conclusion, Malaysia’s growth in 2023 is expected to continue, albeit at a slower rate due to the impact of the COVID-19 pandemic. Nevertheless, the country is well-positioned to recover and continue on its growth trajectory, driven by factors such as its strategic location, diversified economy, investments in technology and innovation, and political stability. The government’s efforts to support economic recovery are also expected to contribute to Malaysia’s growth in the coming years.
Malaysia GDP 1960-2027 - Historical Data
| Year | GDP (billion US$) | GDP Per Capita | Growth |
|---|---|---|---|
| 2027 | $615.01B | $17,523 | 3.94% |
| 2026 | $577.16B | $16,623 | 4.44% |
| 2025 | $539.62B | $15,717 | 4.42% |
| 2024 | $503.11B | $14,826 | 4.92% |
| 2023 | $467.46B | $13,942 | 4.38% |
| 2022 | $434.06B | $13,107 | 5.4% |
| 2021 | $373.03B | $11,407 | 3.09% |
| 2020 | $337.61B | $10,361 | -5.53% |
| 2019 | $365.18B | $11,132 | 4.41% |
| 2018 | $358.79B | $11,074 | 4.84% |
| 2017 | $319.11B | $9,980 | 5.81% |
| 2016 | $301.26B | $9,556 | 4.45% |
| 2015 | $301.35B | $9,700 | 5.09% |
| 2014 | $338.06B | $11,045 | 6.01% |
| 2013 | $323.28B | $10,728 | 4.69% |
| 2012 | $314.44B | $10,602 | 5.47% |
| 2011 | $297.95B | $10,209 | 5.29% |
| 2010 | $255.02B | $8,880 | 7.42% |
| 2009 | $202.26B | $7,168 | -1.51% |
| 2008 | $230.81B | $8,343 | 4.83% |
| 2007 | $193.55B | $7,144 | 6.30% |
| 2006 | $162.69B | $6,137 | 5.58% |
| 2005 | $143.53B | $5,537 | 5.33% |
| 2004 | $124.75B | $4,924 | 6.78% |
| 2003 | $110.20B | $4,455 | 5.79% |
| 2002 | $100.85B | $4,177 | 5.39% |
| 2001 | $92.78B | $3,941 | 0.52% |
| 2000 | $93.79B | $4,088 | 8.86% |
| 1999 | $79.15B | $3,538 | 6.14% |
| 1998 | $72.17B | $3,309 | -7.36% |
| 1997 | $100.01B | $4,706 | 7.32% |
| 1996 | $100.86B | $4,875 | 10.00% |
| 1995 | $88.71B | $4,405 | 9.83% |
| 1994 | $74.48B | $3,802 | 9.21% |
| 1993 | $66.89B | $3,512 | 9.89% |
| 1992 | $59.17B | $3,194 | 8.89% |
| 1991 | $49.14B | $2,728 | 9.55% |
| 1990 | $44.02B | $2,513 | 9.01% |
| 1989 | $38.85B | $2,283 | 9.06% |
| 1988 | $35.27B | $2,135 | 9.94% |
| 1987 | $32.18B | $2,007 | 5.19% |
| 1986 | $27.73B | $1,783 | 1.24% |
| 1985 | $31.20B | $2,065 | -1.03% |
| 1984 | $33.94B | $2,311 | 7.76% |
| 1983 | $30.35B | $2,123 | 6.25% |
| 1982 | $26.80B | $1,925 | 5.94% |
| 1981 | $25.00B | $1,843 | 6.94% |
| 1980 | $24.49B | $1,853 | 7.44% |
| 1979 | $21.21B | $1,648 | 9.35% |
| 1978 | $16.36B | $1,304 | 6.65% |
| 1977 | $13.14B | $1,075 | 7.75% |
| 1976 | $11.05B | $928 | 11.56% |
| 1975 | $9.30B | $800 | 0.80% |
| 1974 | $9.50B | $838 | 8.32% |
| 1973 | $7.66B | $693 | 11.70% |
| 1972 | $5.04B | $467 | 9.39% |
| 1971 | $4.24B | $402 | 10.03% |
| 1970 | $3.86B | $375 | 5.99% |
| 1969 | $3.66B | $364 | 4.89% |
| 1968 | $3.33B | $339 | 7.98% |
| 1967 | $3.19B | $333 | 3.86% |
| 1966 | $3.14B | $337 | 7.82% |
| 1965 | $2.96B | $325 | 7.68% |
| 1964 | $2.67B | $303 | 5.36% |
| 1963 | $2.51B | $293 | 7.34% |
| 1962 | $2.00B | $240 | 6.42% |
| 1961 | $1.90B | $236 | 7.60% |
| 1960 | $1.92B | $245 | % |
- World Bank – World Bank national accounts data, and OECD National Accounts data.
- International Monetary Fund:
- United Nations: National Accounts Main Aggregates Database
