Governor of Malaysian Central Bank has high hopes that ‘Asian Tiger’ status is near
Governor of the central bank of Malaysia Abdul Rasheed Ghaffour said his country is nearing Asian Tiger status, but must avoid pitfalls of widening inequality.Ghaffour warned Malaysia and its neighbors to prepare for economic uncertainty with the looming U.S. election.
In the boom years of the 1990s, Malaysia's growing economic prowess gave the country hope that it would transform into an"Asian Tiger," joining the informal club of Asia's four economic powerhouses that saw spectacular growth; Hong Kong, Singapore, Taiwan and South Korea.The country was long tipped to be number five. That did not materialize, largely thanks to the 1997 Asian financial crisis.
Meanwhile, South Korea has reportedly"relatively lower levels of income equality" compared with other East Asian countries thanks to national income growth more equally distributed in the 1980s."Yet, income inequality has worsened over the last three decades," reportsMalaysia's semiconductor sector is enjoying some success, centered in and around the state of Penang. European and U.S.
However, the global supply chain is dominated by Taiwan, which makes most of the advanced chips in circulation.
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