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3. Transforming Urban Transport NFLATIONF IGUR E Report No: AUS10762 Malaysia Malaysia Economic Monitor FY 2015 Vol. 2: Transforming Urban Transport Public Disclosure Authorized December 2014 GMFDR EAST ASIA AND PACIFIC Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Document of the World Bank Standard Disclaimer: This volume is a product of the staff of the International Bank for Reconstruction and Development/ The World Bank. The findings, interpretations, and conclusions expressed in this paper do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Copyright Statement: The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The International Bank for Reconstruction and Development/ The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA, telephone 978-750-8400, fax 978-750-4470, http://www.copyright.com/. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA, fax 202-522-2422, e-mail [email protected]. NFLATIONF IGUR E MALAYSIA ECONOMIC MONITOR JUNE 2015 TRANSFORMING URBAN TRANSPORT Southeast Asia Country Management Unit Country Director: Ulrich Zachau Chief Economist: Sudhir Shetty Comments to: Mathew A. Verghis [email protected] Frederico Gil Sander [email protected] 30th Floor, Siam Tower 989 Rama I Road, Pathumwan Bangkok 10330, Thailand +66 (0) 2 686-8300 www.worldbank.org/my Acknowledgements This edition of the Malaysia Economic Monitor was prepared by Frederico Gil Sander (task team leader), Luis C. Blancas and Reindert Westra (main authors, Chapter 3), Imogene Jensen, Chanin Manopiniwes, Lucy Pan, Urvaksh D. Patel, Saurabh Shome, Alex Sienaert and Pui Shen Yoong, under the overall guidance of Ulrich Zachau, Sudhir Shetty, Michel Kerf, and Mathew Verghis. The team wishes to thank Marcus Lee, Shabih Ali Mohib, Philip O’Keefe, Nikola Spatafora, Richard Stern and Mauro Testaverde for helpful comments, suggestions and inputs. This report benefited from fruitful discussions, comments, and information from various sections of the Economic Planning Unit in the Prime Minister’s Department, the Economics Department of Bank Negara Malaysia, the Department of Statistics Malaysia, the Ministry of Finance, the Ministry of International Trade and Industry, the Performance Management and Delivery Unit (PEMANDU), TalentCorp, the Land Public Transport Commission (SPAD), MRTCorp, PRASARANA, and many other Government ministries and agencies. We also thank representatives from the Federation of Malaysian Manufacturers, the American Malaysian Chamber of Commerce, and analysts at several financial and rating institutions for helpful discussions. We are indebted to the International Cooperation Section of Economic Planning Unit for their ongoing collaboration with the World Bank and in particular their extensive support in the launch of this report. Leonora Aquino Gonzalez, Kanitha Kongrukgreatiyos, Buntarika Sangarun, Paul Risley and Trinn Suwannapha provided excellent assistance in external relations, web production and cover design, and Pimon Iamsripong provided additional support. Photo credits: MRT construction: Strategic Communications and PR Department, MRT Corp; LRT, bus and traffic: Nafise Motlaq. The findings, interpretations, and conclusions expressed in this report do not necessarily reflect the views of the Executive Directors of the World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. The report is based on information current as of June 5, 2015. i ABBREVIATIONS ALS Area License Scheme AMC Ahmedabad Municipal Corporation AOTU Organization of Transit Authority (France) ASEAN Association of Southeast Asian Nations AUDA Ahmedabad Urban Development Authority BNM Bank Negara Malaysia BoP Balance of payments BPM Balance of Payments Manual BR1M Bantuan Rakyat 1 Malaysia BRT Bus Rapid Transit CAGR Compound Average Growth Rate CBD Central Business District CIT Corporate income tax CPI Consumer price inflation CVLB Commercial Vehicle Licensing Board DBKK Dewan Bandaraya (City Hall) Kota Kinabalu DBKL Dewan Bandaraya (City Hall) Kuala Lumpur DECPG Development Economics Research Prospects Group DOSM Department of Statistics Malaysia E&E Electrical and electronics ECCE Early childhood care and education EPU Economic Planning Unit ERP Electronic road pricing ETP Economic Transformation Plan EU European Union GCMA Greater Cairo Metropolitan Area GDP Gross Domestic Product GFCF Gross Fixed Capital Formation GFP Goods for processing GHG Greenhouse Gas GIS Geographical Information Systems GKK Greater Kota Kinabalu GKL Greater Kuala Lumpur GLA Greater London Authority GLCs Government Linked Companies GLICs Government Linked Investment Companies GNI Gross National Income GoM Government of Malaysia GST Goods and Services Tax GVRD Greater Vancouver Regional District GVTA Greater Vancouver Transportation Authority HNDP Highway Network Development Plan HPU Highway Planning Unit ILO International Labor Organization IMF International Monetary Fund JPJ Road Transportation Department KK Kota Kinabalu KL Kuala Lumpur KLCC Kuala Lumpur City Center KLCI Kuala Lumpur Composite Index KLIA Kuala Lumpur International Airport KTM KTM Komuter KV Klang Valley LAMATA Lagos Metropolitan Area Transit Authority LFP Labor Force Participation LFS Labor Force Survey LLM Lembaga Lebuhraya Malaysia (Malaysian Highway Authority) LNG Liquefied Natural Gas LPI Logistics Performance Index LPT Land Public Transport LRT Light Rail Transit M&E Machinery and equipment MGS Malaysia Government Securities MIDF Malaysia Industrial Development Fund MIROS Malaysian Institute of Road Safety Research ii MIROS Malaysia Institute of Road Safety Research MITI Ministry of International Trade and Industry MoF Ministry of Finance MoT Ministry of Transport MoW Ministry of Works MPC Monetary Policy Committee MRR Middle Ring Road MRT Mass Rapid Transit MRTCorp MRT Corporation MTA Metropolitan Transport Authority MWFCD Ministry of Women, Family and Community Development NAPIC National Property Information Center NEM New Economic Model NFPE Non-Financial Public Enterprise NKRA National Key Results Area NPP2 National Physical Plan 2 OECD Organization for Economic Cooperation and Development PDRM Polis Di Raja Malaysia (Royal Malaysian Policy) PEMANDU Performance Management and Delivery Unit PMI Purchasing Managers Index PPI Producer Price Index PPP Public-Private Partnership PPP GDP Gross Domestic Product in Purchasing Power Parity terms PT Public transport PUMA Platform for Urban Management and Analysis SME Small or medium enterprise SNA Systemstemming of Nationalmainly from Accounts externalities SPAD Suruhanjaya Pengangkutan Awam Darat (Land Public Transport Commission) SPV Special Purpose Vehicle TDRI Thailand Development Research Institute TfL Transport for London TOD Transit oriented design UK United Kingdom UPT Urban public transport VAT Value Added Taxation VOC Vehicle operating cost VRS Verband Region Stuttgart VT value of time VVS Verkehrs- und Tarifverbund Stuttgart YA Year of assessment iii TABLE OF CONTENTS Executive Summary ....................................................................................................................................................................... 1 The Malaysian Economy in Pictures ............................................................................................................................................ 3 Transforming Urban transport in Pictures ..................................................................................................................................... 5 1. Recent Economic Developments and Outlook .................................................................................................................... 6 Robust domestic drivers support continued economic expansion ........................................................................................ 6 Renewed headwinds from the external sector .......................................................................................................................... 7 Broad-based weakness of exports, especially commodities..............................................................................................7 The current account surplus widened despite lower commodity prices .........................................................................8 Consumption and investment show resilience against external headwinds
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