Malaysian Economy Chapter 5: Service Sector

<p>It is a significant contributor to GDP and job creation (D)</p> Signup and view all the answers

<p>5th (B)</p> Signup and view all the answers

<p>More than 60% (B)</p> Signup and view all the answers

<p>To become a developed nation (B)</p> Signup and view all the answers

<p>US, Japan, Brazil, India, and Singapore (A)</p> Signup and view all the answers

<p>It has a significant and positive impact (B)</p> Signup and view all the answers

<p>5.3% (C)</p> Signup and view all the answers

<p>It is a significant contributor to GDP (B)</p> Signup and view all the answers

<p>The service sector is a determinant of economic growth (A)</p> Signup and view all the answers

<p>57.7% (B)</p> Signup and view all the answers

<p>To promote the sector's development (A)</p> Signup and view all the answers

<p>Travel, transport, telecommunications, computer &amp; information, and other business services (D)</p> Signup and view all the answers

<p>The World Factbook (B)</p> Signup and view all the answers

<p>86.1% (B)</p> Signup and view all the answers

<p>USD 19.0 billion (D)</p> Signup and view all the answers

<p>It witnessed a GDP growth of 4.5% in quarter four of 2016. (A)</p> Signup and view all the answers

<p>54.6% (C)</p> Signup and view all the answers

<p>5.5% (A)</p> Signup and view all the answers

<p>Digital economy (A)</p> Signup and view all the answers

<p>9% (B)</p> Signup and view all the answers

<p>Economic sectors moving to higher value-added economic activities (A)</p> Signup and view all the answers

<p>To transform the sector into a more knowledge-intensive and innovation-led sector (C)</p> Signup and view all the answers

<p>6.8% per annum (B)</p> Signup and view all the answers

<p>RM92.6 billion (B)</p> Signup and view all the answers

<p>RM140.1 billion (B)</p> Signup and view all the answers

<p>Disruption in the key services components, namely Travel and Transport (D)</p> Signup and view all the answers

<p>56.5% to GDP (A)</p> Signup and view all the answers

<p>9.3 million jobs (A)</p> Signup and view all the answers

<p>Telecommunications, computer and information services (A)</p> Signup and view all the answers

<p>97 (B)</p> Signup and view all the answers

<p>25.2% (D)</p> Signup and view all the answers

<p>Contribution of services sector to GDP is relatively low (C)</p> Signup and view all the answers

<p>Global Innovation Index (C)</p> Signup and view all the answers

<p>Growing (C)</p> Signup and view all the answers

<p>74.8% (D)</p> Signup and view all the answers

<p>Services Sector Blueprint (A)</p> Signup and view all the answers

<p>40 (C)</p> Signup and view all the answers

The service sector is a key driver of economic growth in Malaysia, contributing significantly to the country's GDP and job creation.

As an economy matures, its service sector typically expands, representing a larger share of GDP.

The service sector is the primary engine of growth for Malaysia's economy, driving continued economic development and job creation.

The services sector is a major force in the global economy, fueled by globalization, government deregulation, and advancements in technology.

The services sector has been crucial in building strong economies around the world, contributing significantly to GDP growth and job creation.

In 2020, the services sector accounted for 57.7% of Malaysia's GDP, demonstrating its significant contribution to the economy.

Over 60% of Malaysia's workforce is employed in the services sector, highlighting its importance for job creation.

The digital economy is a growing contributor to Malaysia's economy, driven by increased digitalization and technology adoption.

Between 2015 and 2017, the Malaysian digital economy saw a positive growth trend, with a 9% increase in value-added and 5.4% growth in employment.

The Services Sector Blueprint, launched in 2015, aims to unlock the potential of Malaysia's service sector and transform it into an innovation-driven industry.

The Services Sector Blueprint aims to achieve a 6.8% annual growth rate for the service sector, with a target contribution of 56.5% to GDP by 2020 and 9.3 million jobs.

The services sector in Malaysia faces challenges such as a lower contribution to GDP compared to developed countries, a skewed mix of sub-sectors, and slower investment growth.

The digital economy, e-commerce, and knowledge-intensive sectors like halal, ecotourism, and ICT present opportunities for growth in the Malaysian service sector.

The service sector provides essential inputs for other sectors, such as manufacturing and agriculture, influencing overall investment climate.

The services sector is considered a knowledge-intensive sector, relying heavily on education, skills, and innovation.

The Services Sector Blueprint emphasizes the importance of developing a skilled workforce to support the growth of the service sector.

The increasing demand for skilled workers in the service sector presents opportunities for education and training institutions to provide relevant programs.

The development of the service sector is closely linked to government policies and initiatives aimed at promoting growth and innovation.

The shift towards a knowledge-based economy requires robust technology infrastructure, including broadband connectivity and digital platforms.

E-commerce, online platforms, and digital payment systems are transforming the way goods and services are traded and consumed.

The service sector in Malaysia encompasses a wide range of sub-sectors, from tourism to healthcare, each with its own unique characteristics and growth potential.

The development of the service sector is crucial for improving the overall quality of life for citizens, providing access to essential services and enhancing economic opportunities.

The growth of the service sector contributes to a more diversified and resilient economy, reducing reliance on a single sector.

Sustaining economic growth in the service sector requires continuous efforts to enhance productivity, innovation, and competitiveness.

Malaysia's service sector has the potential to become a global leader by leveraging technology, innovation, and talent.