The Importance of Palm Oil to the Malaysian Economy The Malaysian palm oil industry is significant contributor to Malaysia’s overall economy, providing both employment and income from exports. According to the latest report by Ministry of Human Resource, there were about 1.7mn of workers in the agriculture, forestry and fisheries industry– the third highest after services and manufacturing sectors.
The palm oil industry alone employs approximately 431,357 workers in the estates, of which 77% or 332,135 were foreigners. Higher exports of palm oil and palm-based agriculture products contributed to the expansion in exports of agricultural goods, which expanded by 4.7% or RM3.2bn to RM70.4bn in 2016.
Imagine 10 jumbo jets crashing every week for a year or the whole population of Petaling Jaya dying every year. The loss of life would be equivalent to the 210,000 – 440,000 deaths due to medical errors in the United States annually, based on a report from the Institute of Medicine (2013).
Global economic activity continued to expand in the fourth quarter of 2016. The advanced economies experienced divergent growth trends, in part, driven by differences in the strength of private consumption amid cyclical and structural weaknesses.
In Asia, economic activity was supported mainly by domestic demand. Of importance, the external sector provided a small lift to growth in several economies, following consecutive quarters of negative growth.