Malaysia has emerged as an attractive regional hub for services in the last decade, with promising growth in the financial services, information and communications technology (ICT), manufacturing and logistics sectors among others.
The Malaysia Digital Economy Blueprint (MyDigital) initiative launched in February 2021, is expected to be the impetus to position Malaysia as a high-value-added economy and a net exporter of homegrown technologies and digital solutions, at the end of this decade.
Despite lingering uncertainties brought about by the COVID-19 pandemic, growth prospects look relatively optimistic. World Bank’s Doing Business 2020 report ranks Malaysia 12th amongst 190 global economies, and 2nd in South East Asia. The Malaysian economy is also observed to be on the path to recovery in 2021, with GDP growth projected at 4.4% according to The Economist Intelligence Unit forecast as of 14 June 2021.