National Income Of Malaysia

National Income of Malaysia The National Income accounts provide a summary of both 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 compensation 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 large extent dependent on primary commodities, namely no-good and fire. During the period 1957 to 1960, agriculture was the largest sector, employing about 58% of the labor and say 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, diligent 3% of the labor force and accounted for 25% of exports. With natural coat and tin accounting for 85% of total exports between them, the whole economy was vulnerable to fluctuations in commodity prices. The governance then(prenominal) 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 suitable agricultural crops and embarked on downstream 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 start signal industrial bluepr int. Due to the impetus given to the man! ufacturing sector, by 1988 for...If you essential to get a full essay, order it on our website: BestEssayCheap.com

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