Malaysian context
Malaysia is one of the most developed countries in ASEAN. From
1970 to 1980 economic growth averaged over 8 per cent, from 1980
to 1990 economic growth was 5.2 per cent and between 1990 and
2005 economic growth averaged above 6 per cent. It was higher
than 9 per cent, prior to the Asian financial crisis in 1997 [22,23].
The only slumps in economic growth since the mid-1980s were in
1998, when Malaysia was severely affected by the Asian financial
crisis [24] and the global financial crisis in 2008e2009.