Business Environment Factors In Malaysia Malaysia’s economy depends on a mix of many natural resources, industrial growth and agriculture. It also has a good ground for small business enterprises. Therefore, if you begin a small business in Malaysia, be sure of immediate success due to 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 Factor Malaysia got its independence several years back. Almost fifty eight years ago to be exact. It’s been dominated by the exact same ruling coalition since then. No changes have happened. 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 opposition that does not agree the government . Theirs is to keep the government on toes so that they don’t oppress the citizens. Research claims that the resistance voice has become louder and this could impact market confidence in the government’s equilibrium. Therefore, when the country succumbs to the political risks, it might greatly affect the market and economy.
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Economic Issues
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The economy of Malaysia has been greatly affected by the falling of global oil prices. This has intensively reduced the growth of the market. However, despite the oil issue, Malaysia is a fertile ground for small businesses. The small businesses are a major economy booster in Malaysia. Another economic problem is that growth expansion has been hampered by labour shortage, rising costs of merchandise and tremendously based on foreign workers to carry out different jobs. These factors majorly affect the manufacturing and construction sectors. They do this by decreasing productivity. Hence, the market is affected in one way or another. Social Factors The main ethnic group in Malaysia is Malays. The rest comprise of Chinese, Indians, smaller migrant groups and native Bumiputras. Most of those Malaysians speak Malay which is the national language while some talk English. The country is filled with various 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 best way to bond with clients is through beverages, different kinds of Malaysian cuisines that the nation has to offer you. Technological Issues Technology has abundantly improved the economic development of Malaysia. Business people take Benefit of the advancement in technology to perform various companies. Strong IT and technological development factors are carried out to educate the people about different technological advantages when carrying out businesses. Tech in Malaysia has significantly impacted the market favorably in Malaysia.