The tourism sector has the highest potential to generate economic activities in the current situation. In 2015, tourism sector has contributed US 7.2 billion to world GDP, representing 9.8% of global GDP. After that, tourism sector also supported 284 million jobs and contribute to GDP is forecast to grow by 3.3% in 2016. The total contribution of tourism sector to employment grew by 2.6% in 2015. Tourism arrivals in Malaysia increased to 2583467 in December from 2004694 in November of 2015.
According to the Malaysia Tourism Transformation Plan, that has attracted 36 million tourists to Malaysia, they will be generating RM 168 billion for the country by the year of 2020. The development of the tourism sector had contributed greatly to the diversification of the economy of Malaysia. Malaysia’s tourism sector is expected to remain robust with a competitive and challenging environment. Hence, they need to compete among the local and international hotels in Malaysia. The tourism industry is under the service industry whereby the performance is evaluated based on the number of customers they are able to retain.
This might reflects diverse cultures in Malaysian society. The strong economic growth in the late 80's and early 90's contributed to major changes in consumer purchases and consumption patterns. The food industry in Malaysia is very developed and refined, it is dominated by small and medium scale companies. Malaysian government has recognize that the food processing industry as a priority
This has make the Tourism Malaysia actively works towards global markets. Until today, Tourism Malaysia has 32 overseas offices and 9 Marketing Representatives in various parts of the world. In addition, there are 13 state Offices throughout Malaysia. Tourism Malaysia also works to assist and facilitate tourist needs and wants, there are 15 Tourist Information Centers around the country. The objective of Tourism Malaysia is to increase arrivals of foreign tourist to come Malaysia.
It has been founded that Malaysia’s FDI net inflows has been decline starting from 1992 reaching to minimum point in 2001. There are several factors that make the reduction in foreign direct investment inflows in Malaysia such as: 1) Economic
According to sources of the Ministry of Agriculture and Agro-based Industry, the number of tourists to the agro-tourism is being estimate to increase from 1.5 million in 2010 to 6 million tourists by the year 2020. In addition, agro-tourism can also help to reduce the poverty and increase rural incomes. There are some activities that can increase the income of local people such as the construction of chalets and homestay, the opening of the new restaurant and also based on the sales of local products. The government also has implemented a various strategies to develop the agro-tourism industry, including with a diversity of agro products, providing tour packages, upgrade a basic facilities for the important of the tourism sector and transportation in the central agro-tourism to strengthening the tourism sector in Malaysia and also can contribute to increase the economic development in
Similarly future economic trends outside of Malaysia, for the development of Malaysia 's hotel industry is equally important because it shows that the hotel industry in Malaysia is being or is about to bear pressure on the operation. After three years of strong growth, economic prospects for the next two years in Malaysia or deteriorated sharply. In addition to the international oil prices fell factors, devaluation and the introduction of a Goods and Services Tax (GST) currencies will most likely be in Malaysia in 2015 gross domestic product (GDP) growth dragged down to less than
In 1990’s, there was an economic expansion in Malaysia. The overall inflation rate of Malaysia is maintained at above 3% except in year 1997 and 1999 which the inflation rates drop to 2.66% and 2.74%. During this period, there is a robust growth in income and growth. The prices of property, large inflow of capital, led to increase in wealth and hence increase the economy activities of Malaysia during that period. Inflation was peak in year 1998 which is 5.27%, reflecting the rise in cost because of higher import prices.
INTRODUCTION In recent years Malaysia economy from a commodity based economy transformed as an industry based economy, and there are minimizing the dependence on imports of raw commodities and increase for import of processed or finished products which import from the effectives exported nation example from (china, India, Italy).As such, in the recent years, this phenomenon has taken effect on the fashion industry including the footwear sector. The footwear industry in Malaysia even went through an extremely challenging period but it now still managed to maintain a positive growth of 8.7% with producing estimated 700 billion pair of shoes in a year. As more and more foreign investors are penetrating the market, in its frequent year based on
Therefore, they are helping to promote Malaysia by suggesting their relative or friend to travel to Malaysia which mean there is more tourist came in to country. On research stated that the tourist in year 2014 have the sum of 27.44 million of tourist arrival which has a growth of 6.7% compared to last year. And the top 5 nationality visitor are basically out neighbor country like Singapore which has total of 13.93 million of visitors which is 51.99% compare to other country and the other country visitor information are tabulated as