Malaysia among top 10 emerging economies

MALAYSIA is among the top ten emerging economies, with neighbouring countries Indonesia and Thailand also making the list, according to the International Business Report (IBR), produced by Grant Thornton International.

The emerging markets index produced using a weighted calculation of key indicators, showed China and India still occupying the top two places this year, it said in a statement.

Two of the current largest economies China and India still stand out as the emerging markets with the best opportunities, due to their massive Gross Domestic Product (GDP) and population size, growth potential and substantial external trade, it said.

Malaysia’s position in ninth place comes as no surprise to Datuk N. K.

Jasani, managing partner of SJ Grant Thornton, the Malaysian member firm of Grant Thornton International.

"The Malaysian economy has had steady growth over the last few years.

Further we have benefited from the higher prices and volume of production for palm oil, petroleum and natural gas,” he said.

However, he said while being at number nine is respectable, Malaysia could do better.

"Our growth rate or GDP per head, or both, are being surpassed by China, India, Indonesia and Thailand. Singapore, Japan, Korea and Taiwan do not feature in this research as they have now entered Advanced Economy Status,” said Jasani.

He said Malaysia needs to spur growth in all sectors, including in mining and resources.

He said the country also needs to move ahead with the beneficial infrastructure projects to accelerate growth, and enhance both the GDP as well as employment.

Among such beneficial projects are the expansion and creation of Light Rail Transit system for Kuala Lumpur and other major cities, the second Penang bridge, Iskandar region, developments and petroleum based projects by Petronas, he said. — Bernama