Kuala lumpur: Malaysia's success in lifting millions out of poverty, without creating permanent slums, is often overlooked.

According to BERNAMA News Agency, World Bank lead economist for Malaysia Dr. Apurva Sanghi highlighted on X (@ApurvaSanghi) that while about half of Malaysians lived in poverty a decade or so after Merdeka, the figure has now dropped to six in 100, lifting more than 14 million people out of poverty.

While efforts continue to bring the poverty rate down to zero, Dr. Sanghi emphasized that this achievement is remarkable, particularly in the historical Malaysia-Singapore context. He noted the significant strides Malaysia has made in transitioning from producing 'simple' to 'complex' goods, which require greater skills, knowledge, and technology.

Dr. Sanghi pointed out that Malaysia's economic complexity has advanced beyond that of every other commodity-dependent peer with similar income levels at the time of independence. For example, basic commodities, or 'simple' goods, constituted 95 percent of exports in the early 1960s, but now they account for only 30 percent. This transformation has significantly raised living standards in Malaysia.

He further elaborated that countries such as the Philippines and Zambia started at the same economic point as Malaysia, but today, Malaysia's gross domestic product per capita is 3.6 times that of the Philippines and approximately nine times that of Zambia. Dr. Sanghi praised Malaysia for its relatively diversified economy and for successfully avoiding the resource curse.

Additionally, Dr. Sanghi highlighted Malaysia's emerging status as a global player in the halal economy, not only in food but also in cosmetics, logistics, tourism, pharmaceuticals, and other sectors. He noted that Malaysian certification and standards have now become a global benchmark.