Services Sector In Malaysia

As malaysia moves towards becoming a developed nation greater emphasis should be targeted on the development of the services sector to serve as the engine of growth to propel and sustain the economy.

Services sector in malaysia. The concerted development of the service industry is part of the national development strategy to venture into new growth areas and broaden the economic base for exports. If you wish to use a diploma or higher qualification you need to produce a copy of the transcript or a letter from the institution stating the course duration. The services sector which accounts for about 53 9 percent of malaysia s gross domestic product gdp remains a key driver of growth for the malaysian economy. The enhanced growth of services sector in malaysian economy is indeed in line with the growth transformation that has taken place in many of the developed economies such as in united states of america and european union.

As per world trade organization eight developing countries are in the list of the world s 30 largest exporters of services and malaysia was ranked 30th in 2008. At present 7 of the services sector share of gdp consists of services provided by the government. Investment data services sector approved private investments in services sector january march 2020 2019 number potential employment domestic investment rm million foreign investment. Service sector plays an important role in the growth and development of malaysian economy.

Gdp from services in malaysia averaged 152566 81 myr million from 2010 until 2020 reaching an all time high of 216950 myr million in the fourth quarter of 2019 and a record low of 99821 myr million in the first quarter of 2010. The contribution of services to gdp is on an increasing trend and by 2020 the contribution of services is targeted to reach 58 percent. These requirements are additional and specific to the services sector. Liberalisation of the services sector in malaysia.

Private sector grew at 4 4 per cent while public sector registered a negative growth of 4 9 per cent. On april 22 2009 the government had liberalised the services sector to attract more foreign investments and bring more professionals and technology as well as strengthen competitiveness of the sector. For the year 2018 gfcf grew at a slower pace of 1 4 per cent driven by private sector. Malaysia productivity and investment climate survey pics.

Gdp from services in malaysia decreased to 167439 myr million in the second quarter of 2020 from 201066 myr million in the first quarter of 2020. Services in malaysia have been growing in importance for the economy in the past few years. The services sector assumes an increasing share of gdp as the economy matures as is evident in the case of developed countries. In 2010 services was responsible for 49 3 percent of the gdp.