Optimism Permeates Penang’s Economic Ecosystems

By Doris Liew

January 2024 COVER STORY
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PENANG’S ECONOMY IS influenced by diverse elements, such as the global economic situation and its industrial foundation. The fifth largest economy among Malaysian states, Penang achieved a GDP of RM112bil in 2022, contributing 7.4% to Malaysia’s overall economy.[1] With a per capita GDP of RM64,407, Penang is ranked third in Malaysia, trailing behind KL and Labuan. The manufacturing and services sectors jointly account for 95% of Penang’s economic activities. Notably, the 12th Malaysia Plan (12MP) aspires to achieve a growth...

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Doris Liew

is an economic thinker who regularly observes Asean's economic development, policy frameworks and regional and international trade dynamics.