Malaysia’s poverty reduction success often overlooked says World Bank

KUALA LUMPUR: Malaysia’s remarkable achievement in lifting millions out of poverty without creating permanent slums frequently goes unrecognised globally.

World Bank lead economist for Malaysia Dr Apurva Sanghi stated that approximately half of Malaysians lived in poverty a decade after independence compared to just six per hundred today.

This transformation represents over 14 million people escaping poverty through sustained national development efforts.

Sanghi emphasised the particular significance of this progress within the historical Malaysia-Singapore context while acknowledging ongoing work towards complete poverty eradication.

Malaysia has demonstrated exceptional progress in transitioning from simple to complex goods requiring greater skills and technological capability.

The nation’s economic complexity has surpassed every other commodity-dependent peer at similar income levels since independence.

Basic commodities constituted 95% of exports during the early 1960s but now represent only 30% of total exports.

This economic diversification has substantially elevated living standards across Malaysian society.

Sanghi noted that countries like the Philippines and Zambia began from similar starting points as Malaysia but achieved different outcomes.

Malaysia’s current gross domestic product per capita measures 3.6 times that of the Philippines and approximately nine times Zambia’s figure.

The economist highlighted Malaysia’s emergence as a global halal economy leader beyond just food products.

Malaysian certification and standards now establish international benchmarks across cosmetics, logistics, tourism, pharmaceuticals and multiple other sectors. – Bernama

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