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Executive summary
The socio-economic condition of Malaysia depends upon the strategic development of the country. However, participation of the service sectors, industrial sectors and agricultural sectors in the country’s economy has managed the growth of the GDP. In addition, the international trading of the country manages the GNP growth rate of Malaysia. The tourism sector provides huge significance in enhancing the GDP rate of Malaysia. The mining industry also has a high level of involvement in managing the economic regulation of the service sectors. However, international political factors and the global pandemic situation affect the economic balance of the country in the year 2020. In addition, the technological incorporation of the agriculture and the manufacturing industry improves the socio-economic growth of Malaysia.
Introduction
International business is related to the socio-economic profile of a country. However, depending upon the economic growth of the country, exchanges of goods and services among the different countries are established. Therefore, it creates significant importance in the economic management of the country. In addition, environmental factors also affect the economic stability of the country. However, in Malaysia the tourism sectors and the mining sectors have an importance has to regulate the growth of the economy of the country. Services sectors of Malaysia have been developed and the employment rate has been increased based on the financial stability of Malaysia. However, the telecommunication sector is an effective part of managing the international business of the country.
Analysis of Socioeconomic Factors and environmental factors of Malaysia
Socio-economic Factors
As per the study of Dwaikat and Ali (2018), the economic stability of the country depends upon the social, environmental and cultural factors of the country. However, the energy sectors of the country have a high significant importance on regulating the structure of the economy. Therefore, the inflation rates and the economic factors of Malaysia have significant importance on the basis of the performances of different sectors of the country. However, the participation of the people in the service sectors has increased in Malaysia. As per the data of the year 2017, the employment rate in the service sectors of Malaysia was 60.99% and in industrial sectors, the rate was 27.72% . Whereas, in the agriculture sectors the participation level of Malaysia was 11.29% as per the year 2017 has huge importance. However, the analysis of 2019 said that the employment rate in the services sector was 62.72%. On the other hand, employment in the agriculture sector has decreased and it became 10.28% in the year 2019. However, in the industrial sectors, 27.01% of people were engaged in the year 2019. Therefore, it creates a huge impact on establishing the sustainable economic growth of Malaysia.
Figure 1: Distribution of the employment Rate in Malaysia
(Source: statista, 2021)
However, the microcredit sectors and small industries also create an impact on developing Malaysian economic stability. In addition, the participation rate of women in different sectors increases the growth of the economy of Malaysia. However, the urban style of managing the profile of the Malaysian people prefers luxury in their lifestyle. Therefore, it has significant importance on regulating the growth of the Malaysian economy. On the other hand, 80% of the people of Malaysia are connected to the internet system. However, people’s participation affects the economic stability of the country. Therefore, technological development affects the sustainability of the country.
However, in the year 2019, the GDP rate of Malaysia shows US $ 11,231. 41. In the year 2020, the GDP rate of Malaysia has decreased by US $ 10231.34 due to the global pandemic situation of the country. However, the expected economic growth as per the year 2026 will be US $ 16260.22. Therefore, the economic stability of Malaysia has been managed based on the participation of the social, political and environmental factors of the country.
Figure 2: Analysis of the GDP rate of Malaysia
(Source: statista, 2021)
However, both the effect of the pandemic situation and the disputes related to the South China Sea affects the sustainable economic condition of Malaysia. In addition, the establishment of the Association of the South Asian Nation (ASEAN) has occurred by the initiative of Malaysia. It helps in managing the stability of the regional and the cooperation perspective of the nation.
However, the national economic development of Malaysia depends upon the Foreign Direct Investment rate of the country. In addition, the infrastructural development of the growth of the country improves societal welfare. Therefore, it helps in boosting the economic growth of the country. The FDI of Malaysia as per the year 2019 shows the value of 1.018 of GDP.
Figure 3: FDI rates of Malaysia based on % of GDP
(Source: worldbank, 2021)
The economic growth of the country depends upon the value of the shares of the exports and imports of Malaysia. In addition, the international trading of Malaysia depends on environmental mining products. However, Malaysia is a big area for Bauxite formation. Therefore, it has internationally traded all over the world. However, the South China Sea disputes create a negative effect on managing to trade in the international perspectives. Therefore, it reduces the sustainability level of the economic condition of the country. As per the opinion of Putit and Abdullah, the growth of the mobile telecommunication market has significant importance for operating the country’s economy. However, the competitive future growth improves the financial stability of the country. Therefore, the telecommunication sector manages a sustainable growth of the GDP of Malaysia. However, the GNP rate of Malaysia shows a value of US $ 10,650 as per the year 2018. In addition, in the year 2019, the GNP rate of Malaysia shows a value of US $11,230.
Figure 4: GNP rate of Malaysia
(Source: worldbank, 2021)
Environmental Factors
The environmental factors of Malaysia have a significant impact on managing the balance of the economic sectors. As per the opinion of Itasari, the management of Indonesia and the Malaysian border affect the international business strategy of Malaysians. However, utilization of the territory affects the international business of Malaysia. However, Malaysia has managed international trade freedom ranking 15 that shows the best performances of the country. However, the export of Malaysia as per the year 2019 shows the value of US $ 238,088,652.11 in thousand. In addition, the imports of the country in the year 2019 were US $ 204,905,910.43 thousand. The trade growth of Malaysia shows the rate of 0.76% as per the year 2019.
As per the study of Azam et al. , the environmental aspects of Malaysia affect the economic growth rate of the country. However, the tourism industry provides a 40% contribution to the rate of the GDP of the country of Malaysia. In addition, this industry has a socio-dynamic effect on managing the structure of the development of the country.
However, the mining sectors, fuel industry increase the growth rate of the economy of Malaysia. Therefore, the regulation of the subsidies in the energy sectors enhances the economic performance of this sector. On the other hand, the involvement of the advanced technological model manages the sustainability level of the employment rate of the country. In the year 2018, 76,000 people were connected with the mining sectors of Malaysia. However, the employment rate of the mining and quarrying industry of Malaysia in the year 2020 shows a value of 74,000. Therefore, it has been found that the participation level of the people has decreased in those sectors.
Figure 5: Employment rate of Malaysia in quarrying and mining sectors
(Source: statista, 2021)
Therefore, managing the economic stability of Malaysia has been enhanced by managing the involvement level of the people of the organization. It helps in managing the economic sustainability of the country. As per the study of Camba and Magat, the international trading of Malaysia has been managed by engaging the South China Sea for managing the maritime business of Malaysia. However, the recent tension of Malaysia related to the south china sea disputes creates negative impacts on the trading sectors of Malaysia. However, it affects the economic stability of the country. This dispute also affects the Foreign Direct investment of Malaysia by managing the sustainable balances in the trading economy of Malaysia. On the other hand, the industrial development of Malaysia affects the carbon emission rate and affects the environmental sustainability of the country. As per the year 2018, the rate of carbon emission from Malaysia shows a value of 7.6 metric tons per capita. However, climate change crests negative factors for managing the sustainability of the economic growth of the country.
Figure 6: Carbon emission rate of Malaysia
(Source: worldbank, 2021)
Factors responsible for the economic slowdown of Malaysia
However, the socio-economic breakdown of Malaysia has been responsible for the involvement of the political factors for developing a sustainable business situation in Malaysia. As per the recent issues of Malaysia, the disputes related to the South China Sea create a negative impact on managing the global trading of Malaysia. However, the global trading of Malaysia was affected due to the conflict related to the South China Sea with the chains. In addition, this is the main path of trading for Malaysia for developing sustainable trading all over the world.
Therefore, it affects the regulation of the economy of Malaysia. However, it also affects the foreign direct investment rates of Malaysia. As per the opinion of Fong et al., the disputes related to the South China Sea affects the political relation of China and Malaysia. Therefore, the market of international business has been disrupted and it creates a negative impact on managing the global stability of the economic factors of the company.
In addition, the global pandemic situation creates a negative impact on managing the economic stability of the country. The global slowdown of the economic factors of the country affects the GDP rate of Malaysia. However, the inflation rate of the country has been increased and it affects the employment rate of Malaysia. As per the study of Seo et al., the urbanization in the lifestyle of the people of Malaysia has been affected by the global pandemic situation. In addition, the traditional living of the people affected due to the pandemic situation. However, the economic sectors have been managed based on the participation of the people in the marketing sectors.
In addition, the tourism sector has high importance in managing the economic stability of Malaysia. Therefore, the environmental diversity of Malaysia affects the tourism sector. However, the global pandemic situation affects the strategic development of the tourism sectors of Malaysia. In 2020, the Tourism sector of Malaysia had contributed only 2% growth in GDP. Therefore, the economic stability of Malaysia has broken down.
However, climate changes create a negative impact on managing the sustainability of the agricultural sectors of m Malaysia. Therefore, it affects the economic growth of Malaysia. As per the opinion of Anang et al. , increasing climate changes affect the development rate of Malaysia. However, the employment rate also degraded in these sectors. Thus, it creates a negative impact on managing the sustainable growth of this sector. In addition, the development of the industrial sectors and technological incorporation increases the environmental degradation rate. It also creates an impact over the lower down of the water level growth of the country.
However, the emission rate of carbon increases nowadays. However, it affects the environmental sustainability of Malaysia. In the year 2017, the carbon emission rate of Malaysia shows a value of 7.166 metric tons per capita. However, the rate of carbon emission per capita shows 7.6 metric tons as per the year 2018. Therefore, the carbon emission rate also increases at a high rate. However, it affects the environmental stability of the country of Malaysia.
Therefore, the country’s GDP and the GNP rate depend upon the economic sustainability of the social, environmental and political factors. It helps in managing the economic slowdown effects on the country. However, Malaysia is the founding member of the ASEAN and it helps in managing the regularity and operational factors of the socio and economic condition of Malaysia.
As per the study of Kasayanond, green technology in Malaysia manages the economic stability of the country. It helps in managing the potentiality of the economic stability of the country. However, managing energy efficiency develops the potential sustainability of the economic structure of Malaysia.
Future strategy for developing Socio-economic condition of Malaysia
Open marketing strategy
Open marketing strategy helps in managing the economic sustainability in the country of Malaysia. As per the study of Yun et al. (2018), open innovation in the local market develops countries’ economies. However, identification of the key aspects of the marketing sectors helps in managing the local business of Malaysia. However, Malaysia has faced difficulties from an international trading perspective. Therefore, management of the local market helps in reducing the economic losses of the country. However, it affects the economic growth of Malaysia. Therefore, the incorporation of the entrepreneurial cyclical dynamics in the small industrial sectors of Malaysia manages the potentiality of the business of Malaysia. However, the addition of new technologies helps in regulating the flow of the marketing sectors. Therefore, technological takeover in the marketing sectors regulated the economic growth of the country.
Technological development for environmental sustainability
The development of economic growth increases the sustainability of the country. However, technological incorporation increases the potential development of the sector of Malaysia. As per the study of Levin et al. , technological incorporation helps in managing the sustainability level of the country. However, the employment rate has decreased in the agricultural sector of Malaysia. Therefore, the incorporation of new technological equipment reduces the stress of full participation of the people. However, it helps in managing the productivity level and participation of the people. Therefore, the economic perspective has been managed and the value of imports due to the lack of production will be managed by this method. In addition, the potential education system development increases the level of participation of the people of Malaysia. As per the opinion of Asongu et al. (2018), the installation of the software system in the industrial sector increases the economic growth rate of the country. However, it increases the potential development ratio of the productivity level of the country and increases the participation of the people in these sectors. However, managing the efficiency of the resources of the country and increasing the environmentally friendly environment helps in managing the economic stability of the country.
Environmental sustainability
Technological incorporation manages the growth of the Malaysian economy. However, the reduction of the engagement of the people in the strenuous work helps in increasing the participation level of the people in this work. However, internal industrial development enhances the growth rate of Malaysia. As per the study of Salam, sustainable energy management helps in enhancing the environmental sustainability of the country. Therefore, taking the relevant measures enhances the growth factors the sustainability of the environment of Malaysia. In addition, minimization of the emission rate of waste is an important part of managing the sustainable development of the manufacturing sectors. However, Malaysia has been affected due to the devastating situation of the high rate of carbon emission every year. Therefore, it creates negative impacts on the economic stability of the country. Therefore, managing the degradation of environmental stability helps in managing the potentiality of the manufacturing services of Malaysia.
Recommendation to sustain Economic Growth in Malaysia
This can be recommended to Malaysia to increase their environmental sustainability that can help in their economic growth. It can be recommended to Malaysia to increase use of renewable sources of energy for transportation and fuel. This cost effective technique also helps to increase the environmental growth of Malaysia. As stated by Sasana and Ghozali, use of renewable sources of energy sustains the economy in Malaysia through cutting the transportation and energy cost for the country. This helps to sustain economic development in Malaysia through reducing country expenses. Expenses of Renewable energy are lesser than non-renewable sources of energy of the country.
However, it has contributed to the economic growth with environmental sustainability. Malaysia is an upper middle-income country, and has moderate to high economic growth annually. Thus, it can be recommended to Malaysia to introduce recycling technology as a future strategy in their country. Recycling can reduce country expenses in two some extent and helps in sustainability of economic development. In the recycling process, people can use the waste products to structure and manufacture new substances. Resource management is a strategy that can sustain the economic development with the natural resources of the country that help to sustain countries economic development for a long time. Thus, resource management is a strategy that can be recommended to Malaysia to sustain their natural resources that can sustain the economic development of Malaysia.
This can help in cost cutting of manufacturing and production that help in the economical sustainability of Malaysia. People of Malaysia can support their country with more discoveries of SMES. SME can support a country with financial support and sustain the economy of the country. SME have rapid economic growth in terms of immediate production and sales. This sales and production growth of SME can sustain the economic development in Malaysia. Thus, it can be recommended to Malaysia to support establishments of Small and Medium Enterprises in their country to sustain economic development.
Conclusion
The socio-economic condition of Malaysia depends upon service sectors, industrial sectors and the economic sectors of the country. However, the international business plans create a positive impact on managing sustainability in the economic growth of the country. Therefore, the international political aspects disrupt the growth of the economic situation of Malaysia. Disputes of the South China Sea slowed down the trade perspective of Malaysia. In addition, the global pandemic situation creates an impact on managing the potential sustainability rate.
However, the growth rate of the GDP and the GNP has been reduced by the impact of the global pandemic situation at the international level. In addition, the environmental factors of Malaysia have a huge impact on managing the economic growth of Malaysia. However, the mining industry of Malaysia has significant importance for managing the financial growth level. On the other hand, the tourism industry also managed a high growth of the GDP factors of Malaysia. However, the employment rate shows high in the industrial sectors of Malaysia. Therefore, the technological incorporation of the different sectors of country manages the productivity rate. Hence, it increases the economic stability of the country. In addition, Malaysia has to take initiative on managing the environmental degradation and pollution level of the country to manage strategic development.