How much does Malaysia’s economy rely on its natural resources?
Total natural resources rents (% of GDP)
Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents – revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future.
Malaysia’s reliance on natural resources
Malaysia has relied less on its natural resources over the years, thanks to its effort to diversify the economy. Total natural resource rent as a percentage of GDP decreased from 37%% in 1980 to 6.3% in 2017.
What is the size of Malaysia’s economy? See Chart
What is the size of Malaysia’s population? See Chart
What is the demographic structure of Malaysia? See Chart
How has the structure of Malaysia’s GDP changed over the years? See Chart
How much does Malaysia’s economy rely on external trade? See Chart
What are the key economic regions in Malaysia? See Chart
Economic Freedom Index: How free is Malaysia’s economy? See Chart