1970-2018

In the 1970s, Malaysia began to imitate the four Asian Tiger economies (South Korea, Taiwan, Hong Kong and Singapore) and committed itself to a transition from being reliant on mining and agriculture to an economy that depends more on manufacturing. In the 1970s, the predominantly mining and agricultural based Malaysian economy began a transition towards a more multi-sector economy. Since the 1980s the industrial sector has led Malaysia's growth. High levels of investment played a significant role in this. With Japanese investment, heavy industries flourished and in a matter of years, Malaysian exports became the country's primary growth engine. Malaysia consistently achieved more than 7% GDP growth along with low inflation in the 1980s and the 1990s.

In 1991, former Prime Minister of Malaysia, Mahathir bin Mohamad outlined his ideal, Vision 2020 in which Malaysia would become a self-sufficient industrialised nation by 2020. Tan Sri Nor Mohamed, a government minister, said Malaysia could attain developed country status in 2018 if the country's growth remains constant or increases.

Malaysia experienced an economic boom and underwent rapid development during the late 20th century and has GDP per capita (nominal) of US$11,062.043 in 2014, and is considered a newly industrialised country. In 2009, the PPP GDP was US$383.6 billion, about half the 2014 amount, and the PPP per capita GDP was US$8,100, about one third the 2014 amount.

In 2014, the Household Income Survey undertaken by the government indicated that there were 7 million households in Malaysia, with an average of 4.3 members in each household. The average household income of Malaysia increased by 18% to RM5,900 a month, compared to RM5,000 in 2012.

According to a HSBC report in 2012, Malaysia will become the world's 21st largest economy by 2050, with a GDP of $1.2 trillion (Year 2000 dollars) and a GDP per capita of $29,247 (Year 2000 dollars). The report also says "The electronic equipment, petroleum, and liquefied natural gas producer will see a substantial increase in income per capita. Malaysian life expectancy, relatively high level of schooling, and above average fertility rate will help in its rapid expansion."