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In: Business and Management

Submitted By sherfen93
Words 2353
Pages 10
Economic growth is sought after by every country because it promises to build and strengthen a country’s foundation in several ways. Primarily, it seeks to reduce poverty which means to improve the people’s access to basic amenities. Governments will be able to expend on public goods like healthcare, education and infrastructure because of the added tax revenues earned from higher income earners. This consequently leads to improved standards of living for all classes of people. Economic growth also injects investments into the economy as savings become capital for business ventures. It brings twin benefits by boosting productivity and raising income levels for those working in the industrial and service sectors. Thus, an increase in gross domestic product (GDP) is not the only determinant of economic development. It is directly correlated with human welfare factors. Hence, the economic growth models that we study examine the varying degrees of this correlation across different economies and highlight the underlying importance of savings.
Out of the three emerging countries given, I have chosen Malaysia to discuss in my essay. Malaysia is a steadily developing economy that has been constantly growing since 2001 as can be seen from the chart below. And it has experienced a 7.2% real GDP growth rate in 2010, highest so far since the 8.6% growth in 2000.
Chart 1: GDP Real Growth Rate Chart by Year

(Source: http://www.indexmundi.com/g/g.aspx?c=my&v=66)
As identified by the Spence Commission of Growth and Development, Malaysia is one of only 13 countries that have been undergoing 25 years of growth rates at 7% per annum (Cited from http://www.btimes.com.my/Current_News/BTIMES/articles/quah/ Article/, 1st October 2011). Malaysia has been prosperous relying on income from exporting its natural resources especially tin, rubber and palm oil and using it to diversify…...

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