Macroeconomic issues in Malaysia: 2005- 2010

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Describe and analyse the main macroeconomic issues in Malaysia for the period from 2005 to 2010. TABLE OF CONTENT Page 1.0MACROECONOMICS INTRODUCTION2 2.0ECONOMIC GROWTH AND LIVING STANDART IN MALAYSIA5 3.0CHANGES IN UNEMPLOYEMENT FROM 2005 TO 2010 6 4.0INFLATION 8 5.0SUMMARY 10-11 6.0 REFERENCES 12 CHAPTER 1 MACROECONOMICS 1.0Introduction Macroeconomics is an analysis of a country’s economic performance and structure. It also analyses the government’s policies in affecting its economic conditions. Economists are interested in knowing the factors that contribute towards a country’s economic growth because if the economy progresses, it will provide more job opportunities, goods and services and eventually raise the people’s standard of living.

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These factors include level of employment or unemployment, gross balance of payments position and deflation or inflation. Macroeconomics can progress as it tests a particular theory to see how the overall economy functions, whereby the theory is used to forecast the effects of a particular policy or event. 1.1Issues in Macroeconomic Analysis Since a century ago, developed nations have achieved a high rate of economic growth, which in turn had raised growth in their people’s standard of living. Macroeconomics examines the reasons behind the speedy economic in the developed nations and understands the reason why this growth is different between the various countries. Among the issues involved in the analysis are a country’s real output, productivity, economic growth rate, unemployment rate and inflation rate. 1.2Macroeconomics Policies The study of macroeconomics relates to the economic growth of a country. Although many factors, such as natural resources, human resources, capital stocks, technology, and people’s choice of economy, contribute towards economic growth, government policies also play an important role. Therefore, it is also important for us to understand the effects of the many government policies on the economy and the need to develop better policies as this is an important aim in macroeconomics. Macroeconomic policies affect the overall performance of the economy. There are two main macroeconomic policies. They arefinancial or monetarypolicies and fiscal policies. However, there are also other policies that could be used by the government to influence the economic performance of a country. They areincome policiesandsupply side policies. 1.2.1Financial Policy/Monetary Policy The purpose of financial policy is to influence the supply of money in the economy. Changes in the money supply will influence important macroeconomic variables such as national output, labour force, interest rate,

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