Former finance minister said he was concerned about Malaysia and gave the example of South Korea which had overtaken Malaysia in GDP per capita from 1980 onwards.
He cited the development of South Korea against Malaysia.
He said their gross domestic product per capita was USD1,711 in 1980 while Malaysia’s was USD1,770.
“We were higher.”
In 1990, he said South Korea’s GDP per capita was USD6,642 and ours was USD2,549.
He said now South Korea’s GDP per capita has gone up to USD27,000.
If you look at the GDP per Capita growth rates, for the entire period between 1980 to 2009, South Korea's GDP per Captia growth rates was higher than Malaysia - except 2 years in 1993 and 2003.
This means that the South Koreans were pulling away from us.
Thank you very much, Mahathir.
It is only from the year 2010 onwards that Malaysia has had a sustained period where our GDP growth is higher than South Korea where we are narrowing the gap.
For the year 2016 and 2017, we should also have higher GDP per capita growth than South Korea where they are expected to grow 2.8% and 2.7% respectively while Malaysia is expected to record 4.2% and 5%.