Malaysia is on track to achieving high-income status, according to the World Bank, while many of its Southeast Asian neighbors face the prospect of being caught in a middle-income trap.
“Malaysia is well on its way to cross the threshold into high-income and developed country status over the coming years,” Victoria Kwakwa, the World Bank vice-president for East Asia and Pacific, said this month after meeting Prime Minister Mahathir Mohamad.
Malaysia’s gross national income per capita has grown from $1,930 in 1981, when Mahathir first became prime minister, to $9,650 in 2017. Even so, the country still has some way to go to reach the World Bank’s developed country benchmark of $12,055. READ MORE
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