World Bank expert Apurva Sanghi has highlighted three achievements in the Malaysian economy which he describes as “unsung wins” that citizens should be proud of.
The World Bank’s lead economist for Malaysia said the first achievement was the significant reduction in poverty rate, noting that nearly half of the population was considered poor 10 years after Malaya’s independence.
“Today, just about six in 100 Malaysians are living in poverty. That’s over 14 million Malaysians lifted out of poverty.
“While the fight to bring it down to zero continues, this is remarkable,” he said in a post on X.
Apurva added that Malaysia had been able to accomplish this without creating permanent slums, a factor often overlooked.
He said Singapore never had to tackle the issue of poverty on such a scale. “Malaysians should be proud of this,” he said.
The economist said Malaysia’s second achievement was its diversified economy, adding that its economic complexity outpaced that of every other commodity-dependent nation at similar income levels around the time that Malaya attained its independence.
“Basic commodities, or ‘simple’ goods, made up 95% of Malaysia’s exports of goods in the early 1960s. Now, they stand at only 30%.”
He also pointed out that the country’s gross domestic product per capita was now 3.6 times larger than that of the Philippines and nine times Zambia’s – both nations that began at about the same point as Malaysia.
Apurva added that the diversification of Malaysia’s economy had directly increased the standard of living of Malaysians.
Lastly, he said the country had quietly become a major player in the global halal economy, with Malaysian certification and standards becoming the global benchmark for other countries.
“Malaysian certification and standards now set a global benchmark. Another success that every Malaysian should be proud of,” he added.
