Millennium

1990s & THE NEW MILLENNIUM

By the end of the 1990's, the New Economic Policy and its successor, the New Development Policy begun in 1991, had done much to eliminate racial tensions. Malaysia's economy had grown at a robust rate for two decades, and rapid economic growth had brought prosperity to all racial groups in the country. Government leaders announced a new goal called "Vision 2020," which aimed to make Malaysia a fully developed nation with a high standard of living by 2020. The goal suffered a setback, however, when an economic crisis spread throughout Southeast Asia. By 1998, the growth of Malaysia's economy had slowed somewhat, but Malaysia took measures to put its economy back on track.

In 1999, some administrative offices began moving to a new city named Putrajaya, about 30 miles (48 kilometers) south of Kuala Lumpur. When completed, Putrajaya will serve as Malaysia's administrative capital. Parliament will remain in Kuala Lumpur.