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Economy of Johor

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Economy of Johor
Johor–Singapore Causeway at night.
CurrencyMalaysian Ringgit (RM or MYR)
Statistics
Population4.19 million (2024)[1]
GDPIncreaseRM 148.2 billion (2023[1])
GDP growth
3.4% (2022/23)
GDP per capita
IncreaseRM 41,902 (2023)[1]
0.404 (2021)[2]
0.794 (2022) high[3]
UnemploymentPositive decrease 2.4% (2022/23)[4]
Main industries
Services, manufacturing, agriculture and construction[5]
External
ExportsRM 314.06 billion (2023)[1]
Export goods
Refined petroleum, integrated circuit boards and electricity and electronics products[6]
ImportsRM 249.25 billion (2022/23)[1]
Public finances
RM 222.39 million (2020)[7]
RevenuesRM 1.804 billion (2023/24)[8]
ExpensesRM 1.799 billion (2023/24)[8]
All values, unless otherwise stated, are in US dollars.

The state of Johor is strategically located in southern Malaysia, bordering one of the regional economic powerhouses Singapore. Johor is the third-largest economy in Malaysia after Selangor and Kuala Lumpur, accounting for 9.6% of the nation's gross domestic product, valued at RM 148.2 billion in 2023.[9] The economy is primarily driven by manufacturing and service sectors, covering almost 80% of the state GDP.[10]

Econonmic history

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A painting by the English painter John Edmund Taylor, showing people in rowboats on the Johor River in the evening seen from Changi in Singapore, July 1879

Johor's economic history can be traced back to the early 16th century when it was part of the Malacca Sultanate. Following the fall of Malacca to the Portuguese in 1511, the Sultanate of Johor was established by Sultan Alauddin Riayat Shah II in 1528.[11] During this period, Johor became a significant trading hub due to its strategic location along the Straits of Malacca, facilitating trade between the East and the West.[12]

In 1914, Johor became a de facto British protectorate. Thereafter, large-scale agricultural activities were gradually introduced, particularly the cultivation of pepper and gambier, which were highly sought after commodities. Refugee labour from China played a crucial role in developing these plantations. The extension of the railway from the tin and rubber belt of the Malay Peninsula to Singapore in 1919 further integrated Johor into the regional economy.[13] This greatly facilitated the export of agricultural products, particularly rubber, which became a major economic driver in the early 20th century. Following Malaysia's independence in 1957, Johor continued to diversify its economy. The state capital, Johor Bahru, emerged as a regional industrial and commercial center.[14]

Sectors

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Agriculture

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Palm oil and pineapple plantation in Rengit, Batu Pahat District.

Johor is the largest agriculture output contributor at 17.5% in Malaysia. The main agricultural sectors in the state are palm oil plantations, rubber plantations, and produce. Its palm oil plantations cover almost three-quarters of the agricultural land in the state.[15] Johor Plantation Group (JPG) is the leading corporation in the palm oil industry, which owns 55,904 hectares of land and made itss debut on the Malaysian stock market in 2024.[16][17]

Johor is also the biggest fruit producer in Malaysia, with a total fruit plantation area of 414 km2 (160 sq mi) and total harvesting area of 305 km2 (118 sq mi). There are around 25,000 registered fruit farmers in Johor and the top five most grown fruits are pineapple, durian, white guava, papaya and banana.[18] In 2021, the total production is 736,136 tonnes, including 569,004 tonnes of fruits and 167,174 tonnes of vegetables.[19]

Tourism

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Johor has a relatively vibrant tourism industry, receiving more than 16 million foreign visitors in 2023, with the bulk of them being Singaporeans.[20] Six segments have been identified by the government to be crucial in attracting new tourists, namely ecotourism, sports tourism, medical tourism, education tourism, historical tourism and culinary tourism.[21]

Special Economic Zone

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Iskandar Malaysia

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Main article: Iskandar Malaysia
Johor Bahru–Singapore RTS viaducts under construction in Johor Strait

Johor-Singapore Special Economic Zone

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Main article: Johor-Singapore Special Economic Zone

On 11 January 2024, Malaysia's Economy Minister Rafizi Ramli and Singapore's Trade and Industry Minister Gan Kim Yong signed a Memorandum of Understanding (MoU) to work on a Johor-Singapore Special Economic Zone (JS-SEZ).[22] One goal of this cooperation is to build one-stop business investment centre, in terms of less administrative procedures for movement of goods and labour and more favourable business incentives.[23] The ongoing construction of the Johor Bahru–Singapore Rapid Transit System would also greatly benefit further interaction of the two countries.[24]

Forest City Special Financial Zone

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Forest city in Johor has been desingated by the government as a Special Financial Zone, thanks to its geographical proximity to the regional economic powerhouse Singapore.[25] The government gives business-friendly incensives such as tax breaks to promote development of the local financial industry.[26]

See also

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References

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  1. ^ a b c d e Department of Statistics Malaysia. "Gross Domestic Product (GDP) by State, 2023". www.dosm.gov.my. Retrieved 17 August 2024.
  2. ^ Malaysia Department of Statistics. "Household Income and Expenditure: Administrative Districts | OpenDOSM". open.dosm.gov.my. Retrieved 17 August 2024.
  3. ^ "Malaysia Human Development Index (MHDI), 2022". dosm.gov.my. Retrieved 17 August 2024.
  4. ^ Government of Malaysia. "Quarterly Principal Labour Force Statistics by State | data.gov.my". data.gov.my. Retrieved 17 August 2024.
  5. ^ Hammim, Rizalman (10 September 2020). "Johor economy to contract between 3.5 and 5.5 pct in 2020 | New Straits Times". NST Online. Retrieved 17 August 2024.
  6. ^ "Johor Records Total Trade Of Rm563.31 Bln To September, Remains Country's Largest Trade Contributor". BERNAMA. 11 August 2023. Retrieved 17 August 2024.
  7. ^ "MB: Johor's debt with federal govt down to RM222.39m". www.malaymail.com. Retrieved 17 August 2024.
  8. ^ a b Tan, Ben (23 November 2023). "Johor govt tables 2024 state Budget with RM4.2m surplus". Malay Mail. Retrieved 17 August 2024.
  9. ^ "Johor to become most economically developed state in Malaysia: PM Anwar". The Straits Times. 19 April 2024. Retrieved 17 August 2024.
  10. ^ Hutchinson, Francis E; Rahman, Serina (2020). Johor: abode of development?. Singapore: ISEAS, Yusof Ishak Institute. ISBN 9789814881272. Retrieved 17 August 2024.
  11. ^ "When the World Came to Southeast Asia: Malacca and the Global Economy". Association for Asian Studies. Retrieved 17 August 2024.
  12. ^ McROBERTS, R.W. (1984). "An Examination of the Fall of Melaka in 1511". Journal of the Malaysian Branch of the Royal Asiatic Society. 57 (1 (246)): 26–39. ISSN 0126-7353. Retrieved 17 August 2024.
  13. ^ "The Making of the Causeway". biblioasia.nlb.gov.sg. Retrieved 17 August 2024.
  14. ^ Seah, Hui Shan (28 May 2024). "Johor Gets Second Chance at Economic Take-off". ASEAN+3 Macroeconomic Research Office - AMRO ASIA. Retrieved 17 August 2024.
  15. ^ Ahmad Kushairi Din (2017). "Malaysian Oil Palm Industry Performance 2016 and Prospects for 2017" (PDF). Malaysian Palm Oil Board. Archived from the original (PDF) on 10 August 2018. Retrieved 30 March 2018.
  16. ^ "Johor Plantations Group jumps 7% in Malaysia's largest IPO debut since 2022". The Business Times. 9 July 2024. Retrieved 17 August 2024.
  17. ^ "Johor Plantations rises 10% in biggest Malaysian debut in 2 years". Nikkei Asia. Retrieved 17 August 2024.
  18. ^ "Maintaining Johor's position as Malaysia's fruit basket". The Star. Retrieved 17 August 2024.
  19. ^ "Aiming to remain major fruit and veg producer". The Star. Retrieved 17 August 2024.
  20. ^ "More than 16 million foreign tourists visited Johor in 2023, says Tourism Johor director". The Straits Times. 25 February 2024. Retrieved 17 August 2024.
  21. ^ Rahman, Serina; Ching, Goh Hong (23 November 2020). "7. Tourism in Johor and Its Potential". 7. Tourism in Johor and Its Potential. ISEAS Publishing. pp. 183–202. ISBN 978-981-4881-28-9.
  22. ^ "MALAYSIA AND SINGAPORE STRENGTHENS ECONOMIC CONNECTIVITY WITH JOHOR-SINGAPORE SPECIAL ECONOMIC ZONE" (PDF). Ministry of Trade and Industry Singapore. Retrieved 17 August 2024.
  23. ^ "Singapore, Malaysia Plan Border SEZ in Johor State". ASEAN Business News. 18 January 2024. Retrieved 17 August 2024.
  24. ^ Anand, Ram; Chanjaroen, Chanyaporn (21 August 2024). "Singapore, Malaysia Want to Build Their Own Shenzhen-Style Mega-Hub". Bloomberg.com. Retrieved 22 August 2024.
  25. ^ "Malaysia to launch special financial zone in Forest City to woo investments, stimulate economic growth". The Business Times. 19 September 2024. Retrieved 25 September 2024.
  26. ^ "Forest City SFZ: A catalyst for Johor's economic growth and connectivity". www.malaymail.com. Retrieved 25 September 2024.

Further reading

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  • Francis E Hutchinson, Serina Rahman, Johor: abode of development? (ISEAS, Yusof Ishak Institute, 2020)
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