00:00Have you ever wondered what drives the Malaysian economy?
00:04How do we generate our revenue?
00:23Malaysia's economy has witnessed a surge.
00:28What sparked this growth?
00:30An increase in household spending,
00:32higher employment rates,
00:34better wages,
00:35and a resurgence in exports.
00:39But what lies ahead?
00:41Can Malaysia maintain its momentum?
00:45Experts see a promising outlook,
00:47projecting a growth rate between 4.5% and 5.5%.
00:53Growth is expected to ride on the back of four key sectors
00:57– palm oil, manufacturing, services, as well as oil and gas.
01:05The palm oil sector contributes RM40 billion annually to Malaysia's GDP.
01:11It anchors the country's agricultural output and global trade.
01:15Malaysia is the world's second-largest palm oil producer.
01:22The industry continues to be an important part of the Malaysian economy,
01:27contributing approximately 3% of our GDP growth last year.
01:36The manufacturing sector is another significant part of the economy,
01:41contributing RM1.2 trillion to the GDP.
01:45This sector includes chemicals, automotive, and electrical and electronics.
01:56Malaysia's automotive industry contributes RM40 billion to the GDP.
02:05The chemicals sub-sector is projected to add RM40 billion to the GDP by the end of the decade
02:12through better integration and greater global competitiveness, according to Tunku Zafrul Aziz.
02:21Furthermore, the E&E industry is expected to contribute RM120 billion to the GDP
02:28and RM495 billion in export earnings.
02:33The manufacturing sector is expected to grow at a stronger pace.
02:37This will be driven by expansion in the E&E cluster amid the global tech cycle rebound,
02:44and improvement in regional economies will also benefit the non-E&E exports.
02:55Tourism, finance and ICT contribute nearly 55% of GDP growth yearly.
03:02The services sector, particularly consumer-related sub-sectors,
03:06will benefit from tourism activities and the favourable labour market conditions.
03:13In 2023, tourism generated RM75 billion.
03:18By 2026, during VisitMalaysia year, tourism revenue is expected to reach RM147.1 billion
03:27from 35.6 million tourists, according to Deputy Tourism Minister Khairul Fridaus Appakan.
03:37A five-year Bank Negara Malaysia blueprint on national development
03:41will foster market dynamism and financial stability.
03:45Meanwhile, the ICT sub-sector, valued at RM121.72 billion,
03:52signifies Malaysia's transition to a knowledge-based economy.
03:58The oil and gas industry is a significant contributor,
04:04generating approximately RM300 billion each year.
04:08Petronas leads Malaysia's oil and gas sector.
04:12Oil was first discovered in 1910 on Kanada Hill Miri by Marcus Samuel and Company,
04:18later known as Shell, marking Malaysia's entry into oil exploration.
04:24Over time, major oil companies like ExxonMobil, Hess Corporation,
04:30PTT Exploration and Production and Enquest
04:34have invested in Malaysia's upstream sector alongside Petronas.
04:39These collaborations bolster Malaysia's global presence in the oil and gas industry,
04:45fostering advancement and innovation.
04:48These are the sectors that employ many Malaysians,
04:51creating business opportunities all along their supply chains.
04:57This is how they create wealth for the people and the nation.
05:01As one people, all Malaysians play a role in its growth and share in its benefits.
05:08Hannah Kam, FMT Business.
05:18www.fmt.co.uk
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