Malaysia's 2014 GDP per capita tops world average for first time

KUALA LUMPUR: Malaysia's gross domestic product (GDP) per capita in 2014 exceeded the average of all countries worldwide for the first time, said the Global Science and Innovation Advisory Council (GSIAC).
In a statement, the GSIAC said Malaysia's GDP per capita was at US$10,830 (RM47,600) in 2014 while the average of all nations worldwide stood at US$10,804.
By comparison, in 2010 national per capita GDP was US$8,752, some 8% below the then-world average of US$9,513.
The GSIAC Joint Secretariat comprises the Malaysian Industry-Government Group for High Technology (MiGHT) and the New York Academy of Sciences.
Science Adviser to the Prime Minister and joint chairman of MiGHT Tan Sri Zakri Abdul Hamid said while Malaysia is firmly on the path to developed country status, there is much to do to reach the US$15,000 goal.
"From 2015 to 2020 inclusive, Malaysia's per capita GDP needs to increase by US$695 per year on average," he said.
Zakri said such an increase is well within the projections of the 11th Malaysia Plan (11MP), which expects private consumption and investment to drive growth in gross national income per capita of 7.9% a year.
He emphasised that science, technology and innovation are integral to the success of the 11MP.
Meanwhile, in the Global Innovation Index report, Malaysia ranked 32nd in the world overall, up a notch from 33rd last year and the country was the top-ranked middle-income country.
The report credited political stability, inflow of foreign direct investment and export-oriented industrialisation for Malaysia's successful transformation into an upper middle-income country. – Bernama