National Income Of Malaysia

National Income of Malaysia The National Income accounts provide a summary of some(prenominal) transactions in an parsimoniousness. Seen from the income side, the production process creates incomes for the owners of the inputs used in production including labor and capital. Every day there ar many transactions taking place in the Malaysian economy. There is buying and selling of products and services, the collection of taxes and the remuneration of subsidies, the remuneration to workers and the return to capital on its investment. The National Income accounts provide a summary of all these transactions in an economy over a period of time, usually a quarter or a year. Malaysia has over a period of time evolved from a low to medium income economy. After independence, the economy was to a big extent dependent on primary commodities, namely blue and fire. During the period 1957 to 1960, agriculture was the largest sector, employing about 58% of the labor and iden tify for 47% of total output. Rubber by itself accounted for over 25% of National Income, nearly 30% of employment and about 60% of exports. At the same period, the mining sector, dominated by tin, set-aside(p) 3% of the labor force and accounted for 25% of exports.

With natural good-for-naught and tin accounting for 85% of total exports between them, the only if economy was vulnerable to fluctuations in commodity prices. The organisation consequently released the sine qua non to diversify the economy and reduce the dependence on rubber and tin. The Government then laid emphasis on exploitation other suit able agricultural crops and embarked on dow! nriver manufacturing activities. This herald the phase of industrialization in Malaysia since the early 1970s.The Government provided peculiar(a) assistance and incentives for setting up and for expanding industrial establishments. The Government came up with the First Industrial Master Plan (IMP, 1986-1995), Malaysias scratch line signal industrial blueprint. Due to the impetus given to the manufacturing sector, by 1988 for...If you essential to get a full essay, order it on our website: BestEssayCheap.com

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