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Economy

Malaysia on track to developed country status -- but has far to go

Other Southeast Asian nations face being stuck in middle-income trap

Friday evening on one of downtown Kuala Lumpur's busy commercial streets.  (Photo by Simon Roughneen)

KUALA LUMPUR -- Malaysia is on track to achieving high-income status, according to the World Bank, while many of its Southeast Asian neighbors face the prospect of being caught in a middle-income trap.

"Malaysia is well on its way to cross the threshold into high-income and developed country status over the coming years," Victoria Kwakwa, the World Bank vice-president for East Asia and Pacific, said this month after meeting Prime Minister Mahathir Mohamad.

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