Malaysia is a relatively open state-oriented and newly industrialised market economy. The state plays a significant but declining role in guiding economic activity through macroeconomic plans. Malaysia has had one of the best economic records in Asia, with GDP growing an average 6.5 per cent annually from 1957 to 2005. Malaysia's economy in 2014–2015 was one of the most competitive in Asia, ranking 6th in Asia and 20th in the world, higher than countries like Australia, France and South Korea. In 2014, Malaysia's economy grew 6%, the second highest growth in ASEAN behind the Philippines' growth of 6.1%. The economy of Malaysia in terms of gross domestic product (GDP) at purchasing power parity (PPP) in April 2019 was estimated to be $999.397 billion, the third largest in ASEAN and the 25th largest in the world.