The Malaysian economic experience

The Malaysian experience in the process of economic development is
one of the largest global experiences in the field of economic development.
The main point from which Malaysia started the process of economic
development is the policy of self-reliance. Developing countries benefit from
economic underdevelopment, says Joseph StiglitzIn In this regard that forty
years ago, Malaysia was one of the poorest countries in the world. After
independence, it did not follow the directions and instructions of international
institutions but chose to follow the successful development models of its
Asian neighbors.
Their GDP, Stiglitz notes, was close to that of Haiti, Honduras and
Egypt, and by about 5% lower than Ghana's. According to 2010 estimates,
Malaysia's income has doubled to seven or eight times that of Ghana, more
than five times that of Honduras, and more than two and a half times that of
Egypt. Malaysia now ranks high among the group of countries that have
achieved tremendous growth globally, standing by China, Taiwan and South
Korea.
Malaysia has put in place plans to eradicate extreme poverty. The
poverty rate dropped to 2.8% in 2010 and to 0.4% in 2015. Malaysia did not achieve this goal by lowering the highest to the lowest but raising the lowest
to the highest.
As for the distribution policy, it was able to integrate modest groups
and foreign labor into the economic and social fabric by raising their income
and reaping the fruits of raising economic efficiency. This was reflected
positively on citizens in improving their quality of life in providing the
necessities of food, treatment, education and security. Economic growth is
the poor, the unemployed, the sick, the poorest ethnic groups in society, and
the least developed regions.
As a result of these successful policies, Malaysia has made
tremendous leaps in human and economic development over the past four
decades. As we shall see, this research focuses on presenting and evaluating
the experience of economic development in Malaysia and the lessons learned
from it.