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Economic development
A broad and comprehensive concept. Changes in the social and economic equalization, employment, education, current needs of society. Has both quantitative and qualitative dimensions
Involve much more than economic growth The process of improving the quality of all human live
Eg: (i) socio-economic change all citizen have equal opportunities in education, health, good and increase in social amenities for housing, health, water and electricity (ii) technology change an innovation; the development of research and technology in the production of output and services
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Manufactured products accounted for around 85 % of gross export earning in 1999, with electronic goods becoming one of the most important product.
The role of mining has steadily declined during the last few decades (Malaysia was one of the worlds largest exporters of tin in the1970s), now contributing just 7 percent of GDP.
Malaysia continues, however , to export tin, gold, bauxite, ilmenite (a titanium ore), oil and gas.
1997-98, financial crisis. Output contracted by 10.2% in 1998. The main reasons were the weak demand from the Asia-Pacific region and the depressed global market for semiconductors. In 1998, the agriculture sector declined by 4%. Reasons, lower external demand, labor shortages, unfavorable prices, reduced cultivated area and lower use.
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Meanwhile, the role of agriculture in the countrys economy has also been declining, although it provides employment to large numbers of Malaysians. Nevertheless, Malaysia remains one of the worlds leading exporters of rubber and produces almost half the worlds palm oil. Tourism is another important and rapidly growing sector of the economy, with about 17.55 million tourists visiting the country in 2006 and contributing RM36.3 billion to the national economy.
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A diversified economy with industrial sector as the engine of growth, plus a more commercialized agriculture sector and a modern services sector through a series of development plans.
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The primary sector includes the production of raw material and basic foods. examples of economic sectors included in the primary sector is the crop, livestock and fisheries, forestry, mining and quarrying The packaging and processing of the raw material associated with this sector is also considered to be part of this sector.
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2) Secondary sector
economy manufactures finished goods. 2 economic activity in this sector are
(i) manufacturing sector (ii) construction sector
Activities associated with the secondary sector include metal working and smelting, automobile production, textile production, chemical and engineering industries, aerospace manufacturing, energy utilities, engineering, breweries and bottlers, construction, shipbuilding and etc.
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3) Tertiary Sector
Also known as a services sector Provide services to the general population and to businesses Activities in this sector include retail and wholesale sales, transportation and distribution, entertainment (movies, television, radio, music, theater, etc.), restaurants, clerical services, media, tourism, insurance, banking, healthcare, and law.
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Changing structure of Malaysian economy is reflected in the changing composition of the countrys gross domestic product (GDP), changing pattern of sectoral employment and export and import
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Driving factors (push and pull) and the impact on GDP and employment in particular :
(i)Push factors: decline in the agricultural sector: - instability of primary commodity prices - Its low productivity - Low employment absorption - Low income - The extinction of natural resources
(ii) Pull factors: Increased contribution of secondary and tertiary sector : - Price stability - High productivity - High employment absorption - High-income - A large market size / area
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Added pull factors: development of the manufacturing sector 1) government incentives (investment and infrastructure) 2) Political and economic stability (to encourage investment) 3) increase in FDI 4) The development of supporting industries (inst.kewangan and transportati on networks)
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2. the development of manufacturing sector economic structural changes - eg : (i) electronic and textile industries which are export oriented - the manufacturing be the driving force of economic growth and open more job opportunities and reduce the nation's unemployment 3. the development of services sector - development of the services sector due to the development of economic, income and living standards and migration to services sector - this led to an increasing demand for communication services, financial and administrative
4. job opportunity - change in economic structures to create new jobs - second and third-sector a major contributor of employment
5. increases in national income - economic diversity activity and import-substitution industries reduce imports activities and increase exports activities -this reduces the foreign exchange and increase national income 6. increase standard of living - the development of second-and third-sector create job opportunities -this increases the income of the population and increasing the purchasing power the standard of living has also increased
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