World Bank Vice President for East Asia & Pacific on opening a new office in Malaysia
In 1954, the World Bank’s first mission report on Malaya – as the soon-to-be-independent country was called then – expressed concern about its development prospects. The mission was “favorably impressed with Malaya’s economic potentialities and prospects for expansion.” But it questioned whether the “rates of economic progress and additions to employment opportunities can move ahead of or even keep up with the pace at which the population and the labor force are growing.”
Sixty years and 25 million more Malaysians later, hindsight proved such worries overdone as income per capita climbed from USD 250 at the time of the report to over USD$10,000 today.
With its successful economic and social development, Malaysia is now actively moving into a new role as a global development partner—supporting other countries in ending poverty and sharing lessons from its journey to become a regional economic powerhouse. This new role is a natural fit for a nation in transition toward a high-income status, and a big gain for the rest of us.