Sokolova E.Y. Malaysia: a modern look at the experience of the country's exit from the monetary and Ɣnancial crisis

Abstract

Today Russia is the world leader in the number of sanctions restrictions imposed against it, the purpose of which is to prevent the successful economic development of the country. Since only a few countries have experience in overcoming such economic constraints, it is necessary to refer to the experience of those States that have demonstrated significant success in dealing with the consequences of economic crises. In this regard, Malaysia’s experience in overcoming the monetary and financial crisis is of interest. Malaysia belongs to the group of newly industrialized countries that at all stages of their development sought to build a modern economy. To achieve this goal, the country needed substantial resources in the form of foreign investments and loans, which were secured by the export of manufactured goods and services to the world market. It should be noted that despite dependence on foreign direct investment and following global economic patterns, the leaders of the newly industrialized countries sought to achieve a certain independence. To solve the problems of the monetary and financial crisis, the Malaysian government, unlike its neighboring coun-tries, chose an extraordinary approach – the IMF recommendations were rejected and measures of selective currency control were taken, while allocating funds to rescue large corporations. The banking system, which became ineffective as a result of the crisis, has also been rebuilt. Malaysia managed to quickly cope with the problems that arose and was one of the first countries to overcome the crisis, becoming one of the most economically developed countries in Southeast Asia.