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Understanding The Business Environment Factors In Malaysia Malaysia’s economy is dependent upon a mix of many all-natural sources, 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 market of Malaysia is affected by external and internal factors. Malaysia is located along one of the world’s critical maritime routes. Below are some of the business environment factors in Malaysia. Political Issues Malaysia got its independence several years ago. Nearly fifty eight decades ago to be precise. 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 express 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 says that the resistance voice has become louder and this might influence marketplace confidence in the government’s stability. Therefore, when the country succumbs to the political risks, it might greatly affect the market and economy.
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Economic
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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, despite the oil issue, Malaysia is a fertile ground for small businesses. The small companies are a significant economy booster in Malaysia. Another economic problem is that expansion expansion was hampered by labor shortage, increasing costs of merchandise and highly depending on foreign workers to execute different jobs. These variables majorly affect the manufacturing and building sectors. They do this by decreasing productivity. Hence, the market is affected in 1 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 nation is filled with various races and religious beliefs. The old generation is strict about traditions while on the other hand, the young generation embraces the western attitude and modernity. The best way to bond with clients is through drinks, different types of Malaysian cuisines that the country has to offer. Technological Technology has greatly improved the economic growth of Malaysia. Business people 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 advantages when carrying out companies. Technology in Malaysia has greatly impacted the economy positively in Malaysia.