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December 11, 2007

Malaysia ranks six in per capita GDP in Asia-Pacific

Malaysia is ranked sixth in terms of real per capita income among developing Asia-Pacific economies, according to an Asian Development Bank (ADB) study.

Malaysia's per capita gross domestic product (GDP) is HK$65,217 (HK$100=RM41.65) while actual final consumption expenditure (Afce) is HK$35,544.

The ADB said the Afce was the sum of individual consumption expenditures both by households and by government (principally education and health) and was the best available measure of household living standards.

According to 2005 International Comparison Programme Asia Pacific: Purchasing Power Parity (PPP) and Real Expenditure released here Monday, Brunei was the richesteconomy with a per capita GDP of HK$269,971, more than 13 times the regional average and more than 40 times larger than the lowest-ranked economy, Nepal.

Second was Singapore with HK$235,923, followed by Macao (HK$211,907), Hong Kong (HK202,941) and Taiwan HK$148,275.

Nepal has a per capita GDP of HK6,146, Bangladesh HK7,215 and Cambodia HK$8,266.

Based on the Price Level Index, which is the ratio of the PPP to the exchange rate, Fiji Islands and Hong Kong were the costliest places to live, followed by Macao, Singapore, Taiwan and Maldives.

ADB chief economist, Ifzal Ali, said the study showed the growth and developmental challenges facing the region. "The region has miles to go before celebrating its economic success."

The study, which provides a snapshot of economic measures like income, consumption expenditure and capital formation, is part of a global initiative that allows cross-country comparison of purchasing powers of currencies and living standards," he said.

The study, which was coordinated globally by the World Bank, allowed comparison of major economic indicators for 146 countries globally.

The ADB was regional coordinator for Asia-Pacific, which accounted for half the world's population.

Courtesy Bernama

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