section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Malaysia is a relatively open state-oriented and newly industrialised market economy. It has the world's 36th-largest economy by nominal GDP and the 31st-largest by PPP. In 2017, the large service sector contributed to 53.6% of total GDP, the industrial sector 37.6%, and the small agricultural sector roughly 8.8%. Malaysia has a low official unemployment rate of 3.9%. Its foreign exchange reserves are the world's 24th-largest. It has a labour force of about 15 million, which is the world's 34th-largest. Malaysia's large automotive industry ranks as the world's 22nd-largest by production.
  
  Malaysia is the world's 23rd-largest exporter and 25th-largest importer. However, economic inequalities exist between different ethnic groups. The Chinese make up about one-quarter of the population, but account for 70 per cent of the country's market capitalisation. Chinese businesses in Malaysia are part of the larger bamboo network, a network of overseas Chinese businesses in the Southeast Asian market sharing common family and cultural ties.
  
  International trade, facilitated by the shipping route in adjacent Strait of Malacca, and manufacturing are the key sectors. Malaysia is an exporter of natural and agricultural resources, and petroleum is a major export. Malaysia has once been the largest producer of tin, rubber and palm oil in the world. Manufacturing has a large influence in the country's economy, although Malaysia's economic structure has been moving away from it. Malaysia remains one of the world's largest producers of palm oil.
  
  Tourism is the third-largest contributor to Malaysia's GDP, after the manufacturing and commodities sectors. In 2019, the sector contributed about 15.9 per cent to the total GDP. According to the World Tourism Organization, Malaysia was the fourteenth-most visited country in the world, and the fourth-most visited country in Asia in 2019, with over 26.1 million visits. Malaysia was ranked 38th in the Travel and Tourism Competitiveness Report 2019. Its international tourism receipts in 2019 amounted to $19.8 billion.
  
  The country has developed into a centre of Islamic banking, and has the highest numbers of female workers in that industry. Knowledge-based services are also expanding. In 2020, Malaysia exported high-tech products worth $92.1 billion, the second-highest in ASEAN, after Singapore. Malaysia was ranked 36th in the Global Innovation Index in 2023, and 32nd in the Global Competitiveness Report in 2022.