Fifty Years of Malaysian Economic Development:Policies and Achievements

Malaysia is a small country but has big achievement in economic development to its credit. This year (August 2007) the country celebrates the completion of the first 50 years of its independence. It is in the fitness of things that this paper takes a look at its economic achievements over the past decades and the policies that shaped its success story in the matter. This is all the more apt as not a few regard Malaysia as a role model for the developing countries, especially the OIC members. The paper does not follow the historical sequence of events. That is available in numerous publications spread over time. It highlights the major achievements of the country and the policies that made them possible. Here it talks about the long-run vision of the social order the economic effort had to establish, the form and speed of transformation the policies ushered in, the model of growth it chose, the measures it took to enforce equity, the way it managed crises, and the Islamic elements that it was always seizes with to incorporate in its plans.