Chief Minister Lim Guan Eng talks about Penang as a high income model for Malaysia at Merton College in Oxford University.
Penang is the second smallest state in Malaysia, with a land size of only 1,048sqkm and a population of 1.7 million people, and no natural resources of its own. But it has progressed to achieve high income economy status through good governance, rule of law, integrity in leadership and sheer human talent.
The World Economic Forum Human Capital Report defined a high income economy as one whose Gross Domestic Product (GDP) per capita reaches US$12,467 or RM40,841 based on the then exchange rate of RM3.27 for US$1 in 2014. Penang was expected to achieve a GDP per capita of RM42,251 based on a population of 1,681,922 people and a GDP of RM71,063mil by this year.
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