Understanding The Business Environment Factors In Malaysia Malaysia’s economy is dependent upon a mix of several natural resources, industrial growth and agriculture. It also has a fantastic floor for small business enterprises. Therefore, if you start a small business in Malaysia, be sure of instant success because of the rich resources it boasts of. The economy of Malaysia is affected by external and internal factors. Malaysia is situated along one of the world’s crucial maritime routes. Below are some of the business environment factors in Malaysia. Political Issues Malaysia got its independence several years back. Nearly fifty nine years ago to be precise. It’s been dominated by precisely the exact same ruling coalition since then. No changes have occurred. The coalition has been responsible of bringing different parties together to represent different races all over the country. Through this, each race has a representative to share their problems and find solutions. On the other hand, there is the resistance that doesn’t agree the government . Theirs is to keep the government on toes so that they do not oppress the citizens. Research says that the opposition voice has grown louder and this might impact market confidence in the government’s stability. Thus, when the country succumbs to the political risks, it might greatly affect the marketplace and market.
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The economy of Malaysia has been greatly affected by the falling of global oil prices. This has intensively reduced the development of the market. However, regardless of the oil problem, Malaysia is a fertile ground for smaller businesses. The small companies are a significant economy booster in Malaysia. Another economic problem is that growth expansion has been hampered by labor shortage, rising costs of products and highly depending on foreign workers to carry out various projects. These factors majorly affect the manufacturing and construction sectors. They do this by decreasing productivity. Therefore, the economy is affected in one way or another. Social The most popular ethnic group in Malaysia is Malays. The rest comprise of Chinese, Indians, smaller migrant groups and native Bumiputras. Most of the Malaysians speak Malay which is the national language while others also speak English. The country is filled with different races and religious beliefs. The old generation is strict about traditions while on the other hand, the young generation adopts the western mindset and modernity. The very best way to bond with customers is via drinks, different types of Malaysian cuisines that the country has to offer you. Technological Technology has abundantly improved the economic development of Malaysia. Industry folks take Advantage of the advancement in technology to carry out various businesses. Strong IT and technological advancement variables are carried out to educate the People about different technological benefits when carrying out companies. Tech in Malaysia has significantly impacted the market favorably in Malaysia.