Malaysia
The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth, development and regional integration in Emerging Asia. It focuses on the economic conditions of Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. It also addresses relevant economic issues in China and India to fully reflect economic developments in the region.The Outlook provides an update of macroeconomic trends and challenges, country-specific structural policy notes and a thematic focus which varies in each volume. The Update of the Outlook has been published since 2018, following the Special Supplements of 2016 and 2017 editions, to ensure that the projections, data and analysis remain current and useful.
Études économiques consacrées périodiquement par l'OCDE à l’économie de la Malaisie. Chaque étude analyse les grands enjeux auxquels le pays fait face. Elle examine les perspectives à court terme et présente des recommandations détaillées à l’intention des décideurs politiques. Des chapitres thématiques analysent des enjeux spécifiques. Les tableaux et graphiques contiennent un large éventail de données statistiques.
OECD’s periodic surveys of the Malaysian economy. Each edition surveys the major challenges faced by the country, evaluates the short-term outlook, and makes specific policy recommendations. Special chapters take a more detailed look at specific challenges. Extensive statistical information is included in charts and graphs.
The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia. It focuses on the economic conditions of the Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. It also addresses relevant economic issues in China and India to fully reflect developments in the region. This Update presents the region’s economic outlook, depicting rapidly changing trends and macroeconomic challenges amidst external headwinds.
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The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia – Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam, as well as China and India. It comprises three parts: a regional economic monitor, special thematic chapters addressing a major issue facing the region, and a series of country notes.
The 2023 edition discusses the region’s economic outlook and macroeconomic challenges at a time of great uncertainty and a slowdown of the global economy, in particular owing to inflationary pressures, capital flow volatility and supply-side bottlenecks. The thematic chapters focus on reviving tourism after the pandemic. Tourism was among the sectors most affected by both the COVID-19 pandemic and responses to it. The report highlights the economic impact of tourism in the region and explores how the sector can be reshaped to regain its significant role in Emerging Asia. The interruption of tourism allowed countries in the region to consider reforms in the sector, including diversifying tourism markets and addressing labour market challenges, while catering to the new needs and preferences of the post-pandemic world, prioritising sustainable and environmentally responsible activities, and accelerating digitalisation.
Skills are the key to shaping a better future, enabling countries and people to thrive in an increasingly interconnected and rapidly changing world. Megatrends such as globalisation, technological progress, demographic change, migration, and climate change, and most recently COVID-19, are reshaping work and society, generating a growing demand for higher levels and new sets of skills.
The OECD Skills Strategy offers a strategic and comprehensive approach to assessing the skills challenges and opportunities of countries and regions for the purposes of helping them build more effective skills systems. The foundation of this approach is the OECD Skills Strategy Framework, which allows for an examination of what countries and regions can do better to: 1) develop relevant skills over the life course; 2) use skills effectively in work and in society; and 3) strengthen the governance of the skills system.
This report, OECD Skills Strategy Southeast Asia: Skills for a Post-COVID Recovery and Growth, applies the OECD Skills Strategy framework to assess the performance of countries in Southeast Asia, identifies opportunities for improvement and provides recommendations based on in-depth desk analysis and consultations with stakeholder representatives.
Regulatory reforms have long been a focus for Southeast Asian nations, often as a way to improve the business climate and policy frameworks for trade and investment. The recent COVID-19 pandemic has spurred countries around the world to review and update their regulatory policies to respond to the current crisis and prepare for the next one. This publication presents a snapshot of the current state of regulatory reform across the region, with country profiles from all 10 Member States of the Association of Southeast Asian Nations (ASEAN) highlighting practices in three priority areas: whole-of-government initiatives, good regulatory practices, and use of digital technologies. It also offers an analysis of common themes identified across the profiles, including trends in regulatory reform, common challenges faced by countries, and future priorities in the region. It was developed in collaboration with the members of the ASEAN-OECD Good Regulatory Practices Network, and key regional partners including the ASEAN Secretariat and the Economic Research Institute for ASEAN and East Asia (ERIA).
Reflecting on the experiences of responding to the COVID-19 pandemic, this OECD working paper illustrates selected international trends that are driving innovation in the practice of public communication across the OECD to make it more inclusive, responsive and compelling. These include advanced uses of “big data” and analytics to power precise, targeted communication, collaboration with trusted third-party messengers in diverse communities, and the application of behavioural insights (BI) to communication. In turn, these trends can help promote the use of public communication for policy, openness and dialogue. The paper reflects on the implications of these international trends for four countries in Southeast Asia, namely Indonesia, Malaysia, Singapore and Thailand. It looks at local lessons from the pandemic response and identifies avenues for adopting global good practices more widely. The paper focuses on a set of institutional prerequisites, including fostering a culture of innovation in public communication mandates and approaches, ensuring access to specialised skillsets, and strengthening ethical guidance in the use of new technologies and BI.
This annual publication compiles comparable tax revenue statistics for Australia, Bangladesh, Bhutan, Cambodia, People’s Republic of China, Cook Islands, Fiji, Indonesia, Japan, Kazakhstan, Korea, Kyrgyzstan, Lao People’s Democratic Republic, Malaysia, Maldives, Mongolia, Nauru, New Zealand, Pakistan, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Thailand, Tokelau, Vanuatu and Viet Nam. It also provides information on non-tax revenues for selected economies. Based on the OECD Global Revenue Statistics database, the publication applies the OECD methodology to Asian and Pacific economies to enable comparison of tax levels and tax structures on a consistent basis, both among the economies of the region and with other economies worldwide. This edition includes a special feature on strengthening tax revenues in developing Asia. The publication is jointly produced by the OECD’s Centre for Tax Policy and Administration and the OECD Development Centre, in co-operation with the Asian Development Bank, the Pacific Island Tax Administrators Association and the Pacific Community.
The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia. It focuses on the economic conditions of Association of Southeast Asian Nations (ASEAN) members: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam, as well as China and India. It comprises two main parts. The first part presents the regional economic monitor, depicting the economic outlook and macroeconomic challenges in the region. The second part consists of special thematic chapters addressing a major issue facing the region. The 2022 edition addresses financing sustainable recovery from the COVID-19 pandemic. The COVID-19 pandemic is proving to be extremely costly, both economically and socially and sustainable financing solutions are crucial for an equitable and inclusive recovery. The report explores how governments can obtain additional financing by harnessing bond markets, and use green, social and sustainability bonds to achieve policy objectives.
Before the COVID-19 pandemic, Malaysia undertook a series of vigorous reforms, ranging from the improvement of regulatory framework to the digitalisation of the economy, with the aim of boosting productivity. While the protracted pandemic has inevitably stalled reform efforts in many countries, including Malaysia, strengthening the business climate has become all the more important. This will be essential to achieve a robust recovery, accelerate digitalisation, and adopt a new working environment combining productivity and sanitary precautions. This paper discusses: 1) how Malaysia can reinvigorate business dynamism with new regulatory reforms; 2) how it can boost the uptake by businesses of digital solutions; and 3) based on the recent experience of teleworking, how it can prepare an enabling working environment for the digital age.
Comme de nombreux autres pays, la Malaisie a été durement touchée par la pandémie de COVID-19 à partir du début de l’année 2020. La prudence dont elle avait fait preuve antérieurement en matière d’action publique lui a permis de réagir rapidement et énergiquement à la crise sanitaire et économique. Néanmoins, cette crise a révélé la nécessité pour la Malaisie de poursuivre les réformes afin de parvenir à une croissance plus inclusive et forte après la pandémie. Les travailleurs vulnérables ont été davantage affectés par la pandémie, et de nombreuses entreprises ont été appelées à utiliser des outils numériques, tels que le commerce électronique et le télétravail, pour la première fois. Dans les temps à venir, il sera primordial de renforcer la protection sociale pour améliorer le bien-être de la population malaisienne, notamment des travailleurs indépendants, et préparer le pays au vieillissement de la société. Il est crucial d’assouplir encore la réglementation pour renforcer le dynamisme des entreprises et retrouver une croissance vigoureuse. Il sera essentiel d’accélérer la transformation numérique pour que les entreprises malaisiennes puissent devenir plus productives après la pandémie. Parallèlement à la poursuite de son développement économique, la Malaisie doit se transformer en une économie plus verte.
THÈMES SPÉCIAUX : RÉGLEMENTATION DES MARCHÉS DE PRODUITS ; TRANSFORMATION NUMÉRIQUE ; TÉLÉTRAVAIL
Regulation is one of the key tools governments can use to respond to the COVID-19 pandemic and move towards recovery. While the pandemic underscores the need for well-designed, evidence-based regulatory policies, the extraordinary pressures it imposed often forced governments to shorten procedures and launch new forms of co-ordination to urgently pass regulatory measures. This can make regulatory policy making more challenging, but also provides opportunities to innovate. This policy brief analyses how Southeast Asian (SEA) countries approached these challenges and opportunities, and shares lessons learned and practices among the SEA and OECD communities.
Like many other countries, Malaysia was hit hard by the COVID-19 pandemic starting in early 2020. Its past policy prudence has allowed Malaysia to react swiftly and boldly to the public health and economic crisis. Nevertheless, the crisis revealed the necessity of further reforms that Malaysia needs to pursue in order to achieve more inclusive and high growth after the pandemic. Vulnerable workers have been more affected during the pandemic and many firms have been urged to use digital tools, such as e-commerce and teleworking, for the first time. Going forward, strengthening social protection is of utmost important to improve the well-being of the Malaysian people, including self-employed workers, and prepare for the ageing society. Easing government regulations further is crucial to stimulate business dynamism and restore vigorous growth. Accelerating digitalisation will be key for Malaysian firms to become more productive in the post-pandemic era. Along with its further economic development, Malaysia needs to transform itself into a greener economy.
SPECIAL FEATURES: PRODUCT MARKET REGULATION; DIGITALISATION; TELEWORKING
With only a decade left to reduce emissions drastically, the scale, pace and extent of global transformation needed is truly demanding. Long-term emission goals and the nature of the low-emission transition in each country will be a function of its unique socio-economic priorities, capabilities, resource endowment, vision for post 2050 economic structure, and social and political acceptability of what constitutes a just transition. As we enter the “decade for delivery”, a whole of economy approach is needed to realise the low-emission transition. This includes focusing not only on upscaling zero and near-zero emitting technologies and businesses but also supporting, to the extent possible, the progressive lowering of emissions in high emitting and hard to abate sectors. In this context, “transition finance” is gaining traction among governments and market participants. To identify the core features of transition finance, this paper reviews 12 transition relevant taxonomies, guidance and principles by public (Japan, Singapore, Malaysia, Russia, European Union, EBRD) and private actors (Climate Bonds Initiative, International Capital Markets Association, Research Institute for Environmental Finance Japan, AXA Investment Managers and DBS), as well as 39 transition relevant financial instruments (vanilla transition bonds, key performance indicator-linked fixed income securities). This paper does not aim to define transition finance, but rather to review emerging approaches and instruments to highlight commonalities, divergences as well as issues to consider for coherent market development and progress towards global environmental objectives. Based on the review, this paper puts forth two preliminary views. First, that the essence of transition finance is triggering entity-wide change to reduce exposure to transition risk; second, that transition finance may be better understood as capital market instruments with a set of core functions/attributes rather than a specific format or label.
Revenue Statistics in Asia and the Pacific is jointly produced by the Organisation for Economic Co-operation and Development (OECD)’s Centre for Tax Policy and Administration (CTP) and the OECD Development Centre (DEV) with the co-operation of the Asian Development Bank (ADB), the Pacific Island Tax Administrators Association (PITAA), and the Pacific Community (SPC) and financial support from the governments of Ireland, Japan, Luxembourg, Norway, Sweden, Switzerland and the United Kingdom. This edition includes a special feature on the emerging challenges for the Asia-Pacific region in the COVID-19 era and ways to address them. It compiles comparable tax revenue statistics for Australia, Bhutan, People’s Republic of China, Cook Islands, Fiji, Indonesia, Japan, Kazakhstan, Korea, Lao People’s Democratic Republic, Malaysia, the Maldives, Mongolia, Nauru, New Zealand, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Thailand, Tokelau, Vanuatu and Viet Nam ; and comparable non tax revenue statistics for Bhutan, the Cook Islands, Fiji, Kazakhstan, Lao People’s Democratic Republic, the Maldives, Mongolia, Nauru, Philippines, Papua New Guinea, Samoa, Singapore, Thailand, Tokelau, Vanuatu and Viet Nam. The model is the OECD Revenue Statistics database which is a fundamental reference, backed by a well established methodology, for OECD member countries. Extending the OECD methodology to Asian and Pacific economies enables comparisons about tax levels and tax structures on a consistent basis, both among Asian and Pacific economies and with OECD, Latin American and Caribbean and African averages.