Description - Malaysia 2016 by Organisation for Economic Co-operation and Development
Malaysia has sustained rapid average growth of over 6.4% per year since 1970. In recent years, growth has moderated somewhat in the face of severe global headwinds but has remained robust. The economy is projected to grow at over 4% per year in the course of 2016-17. Monetary and fiscal policy should remain prudent to help sustain growth and maintain the resilience of the economy to shocks. Stepping up structural reforms to increase productivity and inclusiveness would also improve the sustainability of growth over the medium run and help achieve Malaysia's ambition to become a high-income country around 2020. The effective implementation of the reforms featured in the 11th Malaysia Plan (2016-20) will be critical but challenging. Labour productivity growth in the past 15 years has been below that of regional competitors, partly due to slower capital deepening. It has also been held back by a declining share of skilled workers in the labour force and insufficient technology diffusion and innovation. Reforms to improve the quality of education and skills training, promote innovation and the adoption of information technology are key.
Enhancing the regulatory frameworks for competition and small and medium-sized enterprises, facilitating economic integration with the other countries of the region, raising public sector productivity and improving labour market functioning would also boost productivity.
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