Due to strong governance, the Malaysian economy has continued to thrive and grow despite global economic downturns in the rest of the Asian world. Expats are drawn to this success, viewing the economic performance of the country as a good indication of future growth and prosperity. Many credit the recent economic good fortune to a flexible form of governance that has been able to overcome problems that have beset other countries. As a successful manufacturing hub of Asia, Malaysia has more than ever before begun to appeal to expats from areas such as Europe, North America and Australia. By securing foreign talent, Malaysia’s economy has expanded further, reaping beneficial foreign investment as well.Slow and Steady Wins the Race
Malaysia’s economy has been steadily increasing since the 1980s. While other countries were seeking instantaneous prosperity, the methods deployed for Malaysian growth shifted the country gradually from agriculture to industry. This transition radically changed the economy and gave the country a new, urban feel. Expanding into new areas over the years such as science, tourism and commerce, Malaysia recognizes the need for expats in order to continue the economic growth that it has enjoyed over recent years. For this reason, locals are extremely friendly and helpful to expats who choose to relocate here.
Implications of Economic Growth for Expats
The investment in the infrastructure and industries of Malaysia has driven the expat population up, continuing growth and development. The low cost of living and affordable, high quality medical facilities are just some of the financial benefits that expats can expect should they move to Malaysia. The large-scale movement of expats to the country has driven up property values and encouraged further growth and building. Thus, as much as expats are reaping the benefits of Malaysia’s successful economy, they are also a catalyst for further growth and development.
A larger implication of Malaysian economic success is the establishment of an Expatriate Services Division (ESD). This is meant to encourage expats and their families to relocate to Malaysia to continue fueling the growth that cannot be sustained on local workers and existing expat workers alone. This program includes simpler visa regulations for highly skilled applicants. The idea is to encourage foreign talent by connecting them to local workers. By offering a more relaxed approach for workers willing and wanting to contribute, Malaysia is ensuring the further development of their society. This should be extremely appealing to expats seeking long-term employment and residence in this country.
In addition to the ESD program, the government has also revamped and restarted the Residence Pass-Talent (RP-T) work permit. This allows expats and their families to remain in the country for 10 years. Malaysian’s Prime Minister views this as just part of the effort to integrate foreign and local people, adding to the economic dynamism that the country is coming to be known for.
Expat Contributions to the Malaysian Economy
Although the Malaysian economy is better than it has ever been, there is still room for improvement. This is a consideration that holds even greater value for expats in comparison to locals. Many experts state that there is still a need to speed up the country’s progression towards greater productivity and efficiency. Incorporating higher quality technology can help with this as well. Expats are valuable insofar as they are able to help speed up this process, aiding the country and helping themselves through securing work. With so many expats seeking work in technology-related fields, the Malaysian economy is almost certain to continue improving over time. This offers an attractive option to expats and their families when considering a stable, profitable place in which to live.
The thriving economy of Malaysia is a system of mutual reciprocity. Expats seeking a low cost of living that still provides a high standard of life need to look no further than this Asian destination. In a country that desperately needs foreign talent to continue growth at a fast rate, expats are more likely to secure high-earning jobs in Malaysia. Additionally, the growing economy holds many positive benefits for expats, such as affordable healthcare. For whatever reason an expat may decide to move, they should definitely consider Malaysia as a new and upcoming location fit for them and their family.