Banking and Capital Market Reforms in Malaysia (Report‪)‬

I. Introduction Over a short span of thirty years, Malaysia has made a remarkable transition from a predominantly agrarian economy to a successful middle income economy, on the threshold of a final push towards "developed economy" status. Per capita income in 2009 was US$7,141 (IMF 2010) and the economy has grown at an average rate of over 8 per cent per annum the past thirty years (Table 1). Until the 1970s, Malaysia was a typical labour surplus economy; it now attracts several million workers from neighbouring economies to service manufacturing, the plantation sector and domestic services.