UTM University Technology Malaysia

Malaysias economic transformation 2008-2020

Prepared by: Mohamed. K. Elkh MR111173

2012
Lecturer: Dato' Dr. Mohd. Taib Bin Hashim Semester I.2011/2012

Lecturer: Dato' Dr. Mohd. Taib Bin Hashim Semester I.2011/2012

CONTENTS

Contents .................................................................................................................................. 1 I) REVIEW OF ECONOMIC PERFORMANCE from 2008 ...................................................... 2 A) Demand Performance ......................................................................................................... 5 B) Sectorial GDP Performance ................................................................................................ 6 C) External Sector and Trade Performance.............................................................................. 8 E) Price, Monetary and Capital Market Trends ........................................................................ 9 II) UPDATE ON MALAYSIAS MEDIUM-TO-LONG-TERM GROWTH FORECASTS ......................................................................................................................... 11 Forecasts of Annual GDP Growth and Structural Change ..................................................... 13 III). National Key Economic Areas..15 A .Oil and Gas sector B Palm Oil C .Financial services IV) KEY CHALLENGES AND RISKS ..................................................................................... 17 A) Short term ...........................................................................................................................19 B) Medium-to-long-term .......................................................................................................... 19 V) Suggestion to overcome the Kay challenges ......................................................................20 References and websites ....21

I) REVIEW OF ECONOMIC PERFORMANCE from 2008 After the 6th consecutive year of above 5% growth, Malaysias economic expansion eased to 4.6% in 2008 Malaysias economic growth moderated to 4.6% in 2008, from 6.3% As the effects of the global financial crisis in 2008 reached Malaysia shores in the final quarter. The sharp slowdown to 0.1% in 4Q 2008 resulted in the full-year performance dipping below 5.0% after six consecutive years of above 5% expansion. The more modest pace year has closed the negative output gap that had been evident since 2002 (Figure 1). As at end-2008, the countrys gross national income reached an estimated RM713 billion in current prices, or RM509 billion in constant 2000 prices. With the continued expansion, per capita income rose 3.4% to an estimated RM18,349 in constant 2000 prices or RM25,703 in current prices for the year 2008 Going into a turbulent 2009, when most industrialized economies have already slipped into recession since the second or third quarter of 2008, Malaysias macroeconomic fundamentals have remained intact despite a sharp fall in exports. Meanwhile, price pressures from the oil- and commodities-induced inflation shock have eased considerably while unemployment and wages have been kept relatively low and stable. The countrys account balance has remained firmly in surplus and external reserves have stabilized at RM317 billion, enough to finance 7.6 months of imports. Despite an uptick in the fiscal deficit to an estimated 4.8% as at end-2008, overall Federal Government indebtedness stayed manageable at less than 40% of GDP.

A) Demand Performance

Domestic demand moderated in 2008, especially in the second half Malaysia delivered a commendable overall growth performance in 2008, despite the uncertain business environment amid the unraveling of the global financial crisis following the collapse of Several iconic financial institutions in the US and Europe. Kicking off the year with 7.4% growth in the first quarter, moderation set in after that - most notably in the third quarter, when the effects of record high inflation and a slowing external market began materializing; growth slowed to 4.7%. Meanwhile, growth in the final quarter declined sharply, signaling increasing downside risks vis-a-vis a weak External market and mounting uncertainty amongst private-sector players. The full year 4.6% growth achieved in 2008 is lower than the 6.3% of 2007 and also a shade below RAMs forecast of 5.0%. Domestic demand remained the chief driver of the economy in 2008, charting a rise of 6.1% (2007: 8.3%). As in previous years, consumption growth surpassed that of investment, although it eased to 9.1% from 9.9% in the previous year. Notably, the 8.4% increase in private consumption was lower than the previous years 10.8%, and also less than the 11.6% for public consumption,
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which was markedly higher than trend performance as the government stepped up spending to counter the external slowdown. The key factors that contributed to the resilience of consumption expenditure include the following:

Stable employment trend, with the unemployment rate

estimated to remain steady at around 3.5%, i.e. just above the previous years 3.2%.

Sustained purchasing power due to the abatement of

Inflationary pressures towards the final quarter of the year.

Higher government spending under the expansionary Budget

2008. Strong demand for consumer durables like passenger cars,

which rose at an average rate of 22.0% up until 4Q 2008. Although car sales subsequently declined through the remaining quarters, they still ended the year with an overall 13.9% increase. Consumption credit and loans extended by the banking system

stayed stable after the spike at the beginning of the year, with growth hovering around 8.8%. Imports of consumption goods also remained resilient

throughout 2008, posting an increase despite a slowdown in imports of investment goods.

Meanwhile, overall investment activity dipped well below the 9.6% trend growth, registering at 1.1% for the year. In the last few years, public investment has overtaken private investment with the implementation of 9th Malaysia Plan (9MP) projects and introduction Real GDP growth clocked in at 4.6% for 2008 due to a sharp drop in exports and slowdown in private investment in final quarter Domestic demand stayed resilient, and made up for diminishing exports Public investment offset the drop in private investment

Unlike the domestic components of aggregate demand, which exhibited a consistent decline in growth in 2008, the trend for exports and imports was more volatile. A notable deceleration in both export and import volumes occurred in 4Q 2008, falling considerably below trend growth. Exports of goods and services eased further to 1.5%from 4.2% in the previous year while imports slowed correspondingly to 2.2% from 5.4%. Despite the slowdown in trade volume, the external trade balance showed a surplus of RM142 billion, equivalent to a 41.5% y-o-y surge due to the high commodity prices during the first three quarters of the year. Both exports and imports expanded in nominal terms by 9.6% and 3.3%, respectively. This pattern was accentuated by, inter alia, the following factors:

Persistently elevated fuel prices for a considerable part of the

Year which had subsequently boosted export receipts.

Steady demand for key export items, such as Electrical and

Electronics (E&E) products, for most of the year. Although There was a marked slowdown in demand for electronic Components like semiconductors towards the end of the year, Electrical exports seemed to perform better than their Electronic counterparts, with consumer and industrial electrical Products advancing at respective averages of 34.2% and 9.5% For the first three quarters.

Increasing prominence of agricultural exports due to more

robust worldwide demand for fuels such as palm oil and liquefied natural gas (LNG). After E&E exports, LNG and palm oil contributed 9.9% and 5.6%, respectively, to the countrys total export value.

B) Sectorial GDP Performance All sectors with the exception of mining achieved positive growth, led by the services sector, which expanded by 7.3% for 2008 albeit moderating from 9.7% in the previous year. Manufacturing growth slowed further to 1.3% from 3.1% in the previous year. The performance in 2008 is considerably lower than the average of 6.8% achieved over the last 5 years. Among the contributing factors are the continuing weakness of the global electronics and electrical (E&E) industry and cooling external and domestic demand especially towards the final quarter. Still, the sector managed a marginal 0.9% growth for the entire year.Mining and quarrying activities, meanwhile, were rather dismal, with signs of contraction from the second quarter onwards; growth contracted by 0.8% for the year. The services sectors growth continued dominating the supply side, maintaining a credible pace throughout the year on the back of strong financial-services development as well as wholesale and retail trading activities. This sector grew at 7.3%, slightly slower than the 8-year peak of 9.7% achieved in 2007. On the supply side, the services sector has become the key driver of growth, contributing 3.9 percentage points to GDP Sharp fall in manufacturing output The overall Industrial Production Index (IPI) declined from a promising 7.5% growth at the start of 2008 to a 15.6% contraction by year-end. Although all major sectors had contributed to the slide, the notable about-turn in manufacturing output in the fourth quarter, with an 18.4% contraction in December alone, had accentuated this trend. The overall IPI only inched up 0.3% yo-y as a result. Elsewhere, mining activity had also declined - a pattern that began in the third quarter and which led to a 5.5% contraction in the final quarter of 2008. No significant extra capacity for the oil and gas sector came on-stream last year, which also limited the sectors expansion to some extent. As the global financial crisis started spilling over into the real economy, manufactured exports bore the brunt of the slump in external demand; the subsequent drop in output levels indicated signs of decline. Export oriented industries output, in particular, had plunged rapidly - a trend that became prevalent for industries that had yet to experience any contraction in exports, such as wood products.

C) External Sector and Trade Performance As growth in several developing countries in the region began decelerating, especially in the second half of 2008, the openness of these economies had revealed their vulnerability to the global slump. While export performance deteriorated, jobs - particularly in manufacturing industries also suffered. Domestic demand was not resilient enough to withstand the negative shock of weakening export demand. With an export-to-GDP ratio of 120%, Malaysia is vulnerable to a slump in global demand, especially in the first 2 quarters of 2008. The signs of a marked retardation in exports had started manifesting then, even though the effects seem to be lagging behind Malaysianregional trade partners that are also export-reliant. E&E products make up the bulk of Malaysias manufactured exports. In 2008, over 50% of the value of Malaysianmanufactured exports can be attributed to E&E products. Besides manufactured exports, agricultural products are also gaining prominence in international markets. Palm oil has been a main export item to regions like the Middle East and ASEAN. Furthermore, Malaysia accounts for over 60% of the worlds exports. As such, the volume of exports stayed consistently healthy in
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2008, although the value has diminished since its peak in July - in line with the falling world palmoil prices since last March. As demand for palm oil is believed to be reasonably resilient, export volumes should not drop too significantly. However, the price of the commodity is not expected to revisit the highs of early 2008.

Export destinations higher proportion to Asian region Asia remains the principal market for Malaysian exports; the importance of the ASEAN region has become increasingly evident, accounting for over a quarter of Malaysiantotal export value in 2008. Singapore made up the bulk of export demand from the ASEAN region (around 14%); this is indicative of the weakness in Malaysianexport performance towards the end of 2008, as the island state fell into recession. Exports to other ASEAN countries like Indonesia and the Philippines were also sizeable, but are unlikely to compensate for the drop attributed to Singapores waning demand. Meanwhile, Japan and China are the main markets within the larger Asian region,
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accounting for a respective 9.7% and 10.7% of Malaysian exports. Likewise, exports from these markets had been adversely affected by the downward pressure on GDP, as global demand had been depressed by the contagion effects of the decelerating economies of the developed nations.

D) Price, Monetary and Capital-Market Trends Headline inflation at 5.4% in 2008 on cost-push and demand side Pressures In 2008, the CPI rose 5.4% (2007: 2.0%). A significant driver of the uptrend had been food and fuel supply shocks. This had pushed up food prices throughout the world, translating into an 8.9% spike in the food and beverages (F&B) sub-index - its highest level since 1998.Similarly, record crude-oil prices had forced an administrative increase in petrol prices in Malaysia, which had subsequently filtered through to the cost of transportation services (among other items), which posted an 8.9% increase in 2008 (2007: 2.9%).Inflation had also been driven by demand-side pressures. The Malaysian economy is estimated to have expanded more than its noninflationary
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potential between 2H 2007 and 1H 2008. This had not only driven up prices of F&B and transportation, but also the core CPI, which went up steadily from 0.7% in June 2007 to its current stable level of 2.1%.

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II.UPDATE ON MALAYSIAS MEDIUM-TO-LONG-TERM GROWTH FORECASTS

Forecasts of Annual GDP Growth and 2009-2020 Structural Change

While a weak recovery was faced at the end of 2009, it will be several years - up to 5 years, according to a recent study on countries hit by the twin credit and housing-market crises - before the crisis-hit countries can resume their historical growth patterns. It will therefore be challenging for export-oriented developing countries to sustain their traditional growth performance in the face of slower demand from their industrialized counterparts. Malaysia revised medium-to-long-term GDP growth forecast for takes into consideration the weak global demand that is likely to persist for several years. The average annual growth for 2009 to 2020 has been revised downwards to 4.5%, or 1.2 percentage points lower than that projected in the last Economic Outlook publication. Demand-side growth projections are shown in Table 5. The medium-to-long-term average annual growth rate has been revised to 5.3% (from 5.7% for the 2011-2015 period) and 4.6% (from 5.5% for the 2016-2020 period).

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A.Domestic demand, sustained by rising private consumption and investment, will continue underpinning medium-to-long-term growth Overall consumption is projected to expand 5.4% annually between 2011 and 2015, before easing to 4.5% during the 2016-2020 period, thus yielding an average annual increase of 4.7% for the entire 2009-2020 span. A faster pace of growth in private consumption and investment is projected from 2011 onwards, after 2 consecutive years of more generous government spending to mitigate the effects of the Global slump in 2009 and 2010.The potential to boost consumption is supported by the countrys Relatively high savings rate. With the projected rise in consumption, Malaysias national savings rate is expected to ease from 38% of GDP in 2007 to 34% by 2010, and further to 32% by 2015.

B.Earlier expected sharper increase in investment rate derailed global financial turmoil As noted in the previous Economic Outlook, the Malaysian economy could achieve at least another 0.5%-1.0% growth if the investment level is raised to 30% of GDP, from the 24%-25% projected currently. The base-line scenario assumes a rising share for private investment, from an average of 11.3% of GDP in 2010 to 15.0% in 2020, slightly lower than the respective 13.0% and 15.3% previously. Given the virtual parity between GDP growth and the rate of investment, the latter will be a key indicator in malaysian monitoring of Malaysias medium-to-long-term growth prospects. The current large Savings-investment gap of about 15%-16% of GDP is anticipated to gradually narrow to less than 10% by 2015.

C.Services sector to continue leading medium-to-long-term growth as export-oriented manufacturing decelerates The services sector is envisaged to expand at an average rate of 5.6% Annually between 2011 and 2015 (6.3% in the previous Economic Outlook) while the manufacturing sectors growth has been revised from 5.4% to 5.0%.

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There is no change in the projected share of the services sector to GDP, which is expected to rise steadily from 56.2% in 2010 to 61% by2020. Meanwhile, the projected share of agriculture has been revised upwards to 7.7% in 2010 (from 7.0%) and 6.9% in 2020 (from 5.8%),on account of the manufacturing slowdown and rising global demand for commodities, where Malaysia has a comparative advantage in production. A breakdown of the projected growth rates of the services sector by major industry groups is shown in Table 7.

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D .Productivity growth projection A decomposition of Malaysias sources of growth shows that labor has emerged as the leading contributor of output growth in the 2000-2008 period (Table 8). The contribution of total factor productivity (TFP) eased to 2.1 percentage points in this period, from 3.0 percentages points during the pre-Asian financial crisis growth phase from 1991 to 1997.The contribution of capital investment to output growth is projected to rise marginally to 1.4 percentage points during the 2009-2020 period, on account of a higher investment rate; labors contribution is expected to ease to 2.1 percentage points as the economy gradually shifts to a higher-wage and skill-driven production structure. A successful transformation to a productivity-driven economy has the

Potential of lifting the countrys long-term growth by 1-2 percentage points to the 5.3%-6.3% level. Key imperatives to achieving stronger productivity-led growth include the following:

Speedy implementation of a comprehensive human-capital development

policy that includes focus on skills upgrading; attracting overseas talent, including Malaysians working Abroad; targeted as well as further easing of recruitment of skilled foreign workers across all sectors of the economy. Fiscal and financial incentives to speed up technological upgrading. Labor still key

Contributor of growth for Malaysia Facilitation of wage increases across all skill categories, to accelerate the shift to highervalue-added and productivity driven industries. .

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III. National Key Economic Areas:

Since 92% of the total investments will originate from private sector, the sector is much involved in the planning of this transformation blueprint. A workshop had been organized by Performance and Delivery Unit (PEMANDU) to identify the 12 National Key Economic Areas (NKEA). The NKEA is the key driver to the success of this program as such activities have the potential to contribute significantly to the growth of the economy of Malaysia. There are 131 entry point projects (EP) 2 identified under the NKEA, which includes a high speed railway connecting Penang to Singapore and MRT in Kuala Lumpur. Economic activities that are categorized as NKRA will be prioritized in government planning and funds allocation. Policies will be amended to facilitate fast track implementation of such activities, including liberalizing the market and removal of bottlenecks. Under this policy, private companies are invited to get involved, with PEMANDU pushing for the implementation to speed up the implementation. Among the companies that are involved in the transformation program are YTL, Shell Malaysia, Airasia, Hovid Inc, Select-TV, Exxon-Mobil, Dialog Group, Tenaga Nasional, Cisco

A.Oil, Gas, and Energy

As of 2010 the energy sector has been an important part of Malaysias economic growth and constitutes about 20 percent of GDP. The Malaysian government plans to increase diversification of the energy industry, increase exploration for new oil and gas resources, enhance production from known reserves, and encourage the use of alternative energy source such as nuclear, solar, and hydro-electric. The government is working to meet these goals 12 of what it calls "entry point projects" or EPPs. The government wants the energy sectors contribution to gross national income to rise from RM110 billion in 2009 to RM241 billion in 2020. Achieving this goal will create more than 50,000 new jobs with large proportion of these being for skilled professionals such as
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engineers and geologists. Achieving these goals will require RM218 billion in funding. The government claims only 1 percent of this funding will come from the public sector. An extra RM64 billion will be needed to make up for the expected decline in oil production. Tax rebates for improved energy efficiency are expected to cost RM12 billion.3

B. Palm Oil
As of 2010 Malaysias palm oil industry is the fourth largest component of the national economy and accounts for RM53 billions of gross national income. The industry covers the value chain from plantations to processing. The development of this industry is mainly private and remains heavily oriented towards plantations. With limited land available to continue the expansion of plantations, the government desires to increase efficiency in production and focus on providing great value through downstream activities. The Palm Oil NKEA is designed to increase total contributions to national income from the palm oil industry by RM125 billion to reach RM178 billion by 2020. The government hopes that 41,000 new jobs will be created in this sector.4 Palm oil related EPPs will focus on upstream productivity and downstream expansion. These EPPs will focus on replanting of aging oil palms, mechanizing plantations, stringently enforcing best practices to enhance yields, implementing strict quality control to enhance oil extraction, and developing biogas facilities at palm mills to capture the methane released during milling. Downstream expansion and sustainability will be achieved by capturing the lucrative market segments that focus more on refined products such as oleo-derivatives, food, health products, and bio-fuels 4 The government says these projects will require funding of RM124 billion over the next 10 years with 98 percent of the funding coming from the private sector 4

C.Financial Services
From 2006 to 2009 financial services constituted 10.9 percent of Malaysia's gross domestic product. The government believes that lack of economies of scale, poor liquidity, lack of diversity, low levels of financial knowledge, and competition from other regional financial centers such as Hong Kong and Singapore are significant problems for this sector. The government aims to increase the financial industry's contribution to gross national income from RM121 billion as of 2010 to RM180 billion in 2020. The Financial Services NKEA calls for creating 275,000 jobs in this sector with 56% of those jobs offering an average compensation of RM4,000 per month. These goals will be achieved by strengthening core financial services, creating new services and institutions oriented towards serving those with high incomes, developing avenues for growth such as expanding the asset management business, and pursuing business overseas, especially attracting foreign capital and becoming a center for Islamic banking. 4 Pemandu predicts that RM211 billion will be required to reach these goals by 2020. The public sector is slated to provide 4 percent of this investment. The government is working to facilitate these goals by making Malaysia's business environment more attractive for international capital,
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attracting and retaining talented professionals, reducing regulation, and lowering taxes.5 Wholesale & Retail Tourisms Information and Communication Technology Education Business Services Private Healthcare Electrical & Electronics Agriculture Greater Kuala Lumpur IV.KEY CHALLENGES AND RISKS A) Short term Key short-term risks include the depth and duration of the export slump, the impact on SMEs in the supply chain, the efficacy of fiscal stimulus packages, and the decline in commodity prices.

1.Coping with export demand shock The contraction in Malaysias gross exports that began in October 2008 is likely to continue through the first half of 2009. The depth and duration of the slump in global demand remains the key short-term risk to Malaysian growth forecasts for 2009 and 2010. A sustained decline in exports will lead to a rise in the number of distressed firms, cutbacks in domestic spending and lay-offs; this will in turn further depress domestic demand and result in a further slowdown in economic activities. The most severely affected will be the E&E industries, which account for close to 50% of Malaysias gross exports. The SMEs in the E&E supply chain will face severe pressures if the global demand contraction is prolonged.

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2.Efficacy of fiscal stimulus packages Malaysian prognosis of a second-half recovery of both the global and domestic economies, albeit a gradual and weak one, is premised on the simultaneous and effective roll-out of fiscal and monetary stimulus packages across the crisis-hit industrialized countries, as well as those seeking to mitigate the effects of the global slump. A Stabilization in world demand contraction is necessary for investor and consumer confidence to recover from the unprecedented lows experienced in many countries. On a more positive note, there is upside to Malaysian short-term growth forecast, especially with speedy implementation of effective fiscal and monetary stimulus packages throughout the world.

3.Dampening effects of low commodity prices While net resource-importing Asian economies will benefit from low commodity prices, Malaysias commodities-based industries will face more challenging times due to weak demand and low prices in the next 1 to 2 years. Nonetheless, no systemic distress is anticipated as the robust demand and elevated prices of the last several years have strengthened the balance sheets of most medium-sized and large players. Even so, a slowdown in investment activities in the commodities-based industries is inevitable in the face of a global downturn. On another note, mergers and acquisitions could increase as weaker firms exit or consolidate. B) Medium to long term The medium-tolong-term risks and challenges elaborated on in the previous Economic Outlook still prevail, albeit with progress in several areas. The key challenges highlighted in the previous publication Include constraints vis-a-vis skilled labor, dependence on fossil fuels, unsustainable price controlsubsidy regimes, the attractiveness of the countrys investment climate, and the international competitiveness of Malaysian industries. 1.Signs of progress in policy responses There is now greater awareness among both the Government and the private sector that there is an urgent need to reduce reliance on unskilled foreign workers. The global export slump presents an opportunity to downsize labor-intensive industries and upgrade the skills of Malaysian workers through redeployment and training. Likewise, the bursting of the oil and non-oil commodity price bubbles in October 2008 provides an opportunity to address the oil-price subsidy, which has clearly become unsustainable and is indicative of unproductive use of scarce resources. The continuation of market-determined prices for consumers in the face of future oil-price increases
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will be important towards addressing the economy-wide issues relating to resource misallocation and market distortion caused by price controls and subsidies. More critically, as the country approaches 2015 when it is expected to become a net importer of crude oil - a clear policy and strategy for sustainable energy development and utilization is needed to guide Malaysian path to industrialization. The structural reforms that have been or are being implemented in tackling the global downturn also show evidence of policy progress visa-vis facing the longer-term challenges posed by intensifying global competition for trade and investment. Continued liberalisation of the services sector and the easing of equity requirements for both domestic and foreign investors across all sectors of the economy are expected to enhance Malaysias attractiveness as a platform to serve the common market, arising from the creation of the Asian Economic Community by 2015. 2.Key risk and challenge arising from new global economic landscape The recovery of the major industrialized economies from the current recession is expected to be gradual and uneven, due to the convergence of housing, credit and financial woes in many of the Affected countries. Export-oriented Asian countries would therefore need to re-examine their growth strategies, as they can no longer rely on the Western economies over-consumption to drive their exports. Besides adapting to a slower pace of external demand, the threat of protectionism looms as governments face increasing pressures to curb imports and overseas investments - to protect their own industries from job losses and capital outflows. The collective stimulation of domestic demand in individual Asian countries and the acceleration of intra-regional trade and

Investment will be the major forces shaping the growth prospects of Asian countries in general, and that of Malaysia in particular, in the coming years.

V.Some suggestions to overcome the above challenges :

2013 will be even more challenging than anticipated by Malaysian last Economic Outlook. The speed at which the global economy, especially the industrialized countries, has devolved into a recession has taken many policy makers, analysts and observers - including those in the multilateral agencies such as the IMF - by surprise. While the myth of the global economy having decoupled from the American economy has now been debunked to some extent, it remains to be seen how the other large emerging economies particularly China, India, Brazil and Russia 19

and export-based small economies can cope with the simultaneous recessions in the major industrialized economies. It is clear now that the global economy had been expanding above its sustainable level due to over-consumption in the industrialised countries.

The challenge in the coming years is to stoke domestic demand, make optimal use of the countrys excess savings, and undertake the necessary shift in the structure of the production economy, to focus on domestic demand and, more importantly, for Malaysia and other highly Open Asian countries to accelerate intra-Asian trade and investment.

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References:

Books
Edmund, T.G & Jomo , K.S. (August 1, 1999). Malaysia's Political Economy. Cambridge

University Press 2nd edition.

Kok .p (1983) The Malaysian Economy. Institute Masyarakat Berhad. Khor

Shakila .Y . ( 2008 ) .The United States and the Malaysian Economy (Rutledge Studies in the Growth Economies of Asia ).

Website
1. Malaysia Unveils Massive Investment Plans". The Jakarta Globe. September 21, 2010. http://www.thejakartaglobe.com/home/malaysia-unveils-massive-investment-plans/39727. 2. "Malaysia sets ambitious $444 bln investment target". Forbes.com. retrieved 20 May 2012. http://www.forbes.com/feeds/ap/2010/09/21/business-as-malaysiaeconomy_7945425.html?boxes=Homepagebusinessnews. Retrieved 20 May 30, 2012. 3. Economic transformation programeme / Pemandu eyes RM500b, 2.2m jobs in NKEA projects by 2020, By Asrul Hadi Abdullah Sani, The Malaysian 4. Oil, Gas, and Energy Pemandu . http://etp.pemandu.gov.my/Oil,_Gas_and_Energy-@Oil,_Gas_and_Energy_-_EPP_2-;_Developing_small_fields_through_innovative_solutions.aspx 4. Palm Oil, Pemandu 4. Financial Services, Pemandu

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