‘Malaysians should be proud,’ as economy lifts 14 million from poverty, says World Bank lead economist

MALAYSIA: “Malaysians should be proud,” World Bank lead economist for Malaysia Dr Apurva Sanghi wrote on X, praising the country’s success in lifting more than 14 million people out of poverty.

He noted that about half of Malaysians lived in poverty for a decade or so after Merdeka, Malaysia’s independence. Now, the figure has dropped to just six in 100. While the fight to bring the number down to zero continues, Dr Sanghi said Malaysia’s progress so far has been remarkable, especially in the context of Malaysia and Singapore’s shared history.

“As we know, Malaysia-Singapore comparisons are rife. But Malaysia’s success in lifting millions from poverty, without creating permanent slums, is often overlooked, a challenge Singapore never faced on such a scale,” he said, adding that “Malaysians should be proud of this!” He even quipped, “Plus, doesn’t Malaysia have better nasi lemak?”

Dr Sanghi also highlighted how Malaysia has made great strides in economic complexity. In the early 1960s, simple commodities made up 95% of exports, but now it has significantly dropped to just 30%, replaced by more “complex” goods that require higher skills, knowledge, and technology. This, he said, has pulled up the living standards of Malaysians.

He added that although Malaysia started at the same point as the Philippines and Zambia, the country’s gross domestic product per capita is now 3.6 times higher than the Philippines’ and about nine times higher than Zambia’s. “Malaysians should be proud of a (relatively) diversified economy & escaping the resource curse!” he said.

In addition, Dr Sanghi pointed to Malaysia’s rise in the global halal economy. Beyond food, the country has become a player in cosmetics, logistics, tourism, and pharmaceuticals, with its certification and standards now recognised as a global benchmark.

“As a citizen of a former Asian colony, I value independence. But independence is not just a day…it’s what you do with it. That requires every generation to forge ahead,” he said. /TISG

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