Country Profiles

Malaysia

Profile in Brief

Malaysia’s USD 420 billion economy had a real GDP growth rate of 5.1% in 2024, supported by robust domestic consumption, infrastructure investments and a recovery in the manufacturing sector.

Malaysia has a total land area of 328,000 square kilometres.

Government is a parliamentary democracy with a constitutional monarchy.

Economy at a Glance
GDP Overview (2024)

Following a contraction in 2020, Malaysia’s economy rebounded strongly in 2021-2022 with 8.9% growth in 2022, driven by a recovery in exports, manufacturing and domestic demand. The country’s GDP per capita is substantially higher than neighbouring economies and rising rapidly.

From 2013 to 2023, Malaysia saw modest yet steady progress in its labour market, with unemployment declining from about 3.1% to 3.8%, while inflation eased significantly from a peak of 3.3% down to 1.8%, reflecting subdued price pressures.

Malaysia’s central government debt reached 64% of GDP by 2023, while household consumption surged to about USD 242 billion, highlighting the resilience of private demand amid rising public liabilities.

Trade Profile (2024)

Malaysia’s total trade surged to USD 629 bn in 2024, reflecting a significant recovery and expansion in both exports and imports, with Metals, Electronics & Machinery as the most prominent trade category.

Leading export partners (2024): Singapore (USD 50.4 billion), U.S. (USD 43.4 billion), China (USD 41.0 billion).

Leading import partners (2024): China (USD 64.8 billion), Singapore (USD 36.1 billion), U.S. (USD 27.6 billion).

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