Malaysia’s economy is dependent upon a mix of several natural resources, industrial growth and agriculture. Additionally, it has a fantastic floor for small business ventures. Therefore, if you begin a small business in Malaysia, be sure of immediate success due to the rich resources it boasts of. The economy of Malaysia is affected by external and internal factors. Malaysia is situated along one of the world’s crucial maritime routes. Below are some of the business environment factors in Malaysia.
Malaysia got its independence several years back. Nearly fifty nine years ago to be precise. It has been dominated by the same ruling coalition since then. No changes have occurred. The coalition has been responsible of bringing different parties together to represent different races all over the country. Through this, each race has a representative to express their problems and find solutions. On the flip side, there’s the opposition that does not agree the authorities . Theirs is to keep the government on toes so that they do not oppress the citizens. Research claims that the resistance voice has become louder and this could impact market confidence in the government’s equilibrium. Thus, once the country succumbs to the political dangers, it may greatly impact the marketplace and market.
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The economy of Malaysia has been greatly affected by the falling of global oil prices. This has intensively reduced the growth of the market. However, regardless of the oil problem, Malaysia is a fertile ground for smaller businesses. The small companies are a significant economy booster in Malaysia. Another economic problem is that growth expansion has been hampered by labour shortage, rising costs of merchandise and tremendously based on foreign workers to carry out different jobs. These variables majorly affect the manufacturing and building sectors. They do this by decreasing productivity. Hence, the market is affected in 1 way or another.
The most popular ethnic group in Malaysia is Malays. The rest comprise of Chinese, Indians, smaller migrant groups and native Bumiputras. Most of the Malaysians speak Malay that’s the national language while others also speak English. The country is filled with different races and religious beliefs. The old generation is strict about traditions while on the other hand, the young generation embraces the western attitude and modernity. The very best way to bond with customers is via drinks, different types of Malaysian cuisines that the country has to offer you.
Technology has greatly influenced the economic growth of Malaysia. Business people take Benefit of the advancement in technology to perform various companies. Strong IT and technological advancement variables are carried out to educate the People about different technological benefits when carrying out companies. Technology in Malaysia has greatly impacted the economy positively in Malaysia.