1998
| Currency Rate to USD | 3.8 |
| GDP Per Capita (USD) | 3000 |
| Population (millions) | 21.9 |
| Nasi Lemak Price | RM1.30 |
| Teh Tarik Price | RM1.00 |
| Urban Population Percentage | 60% |
Mahathir Era
Mahathir Mohamad’s long premiership brought ambitious modernisation: highways, skyscrapers (yes, Petronas Twin Towers), national car (Proton), new administrative centres.
Reformasi Era
For many Malaysians, Reformasi meant both frustration and hope. In 1998, when Anwar Ibrahim was sacked as Deputy Prime Minister, it wasn’t just political drama—it felt personal: people seeing corruption, cronyism, and authoritarian rule in everyday life felt exposed.
Establishment of the National Economic Action Council (NEAC)
The establishment of the National Economic Action Council (NEAC) on 7 January 1998 marked a pivotal response to the 1997 Asian financial crisis, serving as a high-level advisory body under Prime Minister Mahathir Mohamad to coordinate Malaysia's economic recovery and assert national sovereignty in policymaking.
Official Opening of the Malaysia–Singapore Second Link
The official opening of the Malaysia–Singapore Second Link on 18 April 1998 marked a significant advancement in infrastructure between Malaysia and Singapore, providing an alternative route to the congested Johor–Singapore Causeway and fostering stronger economic and diplomatic ties.
Opening of Kuala Lumpur International Airport (KLIA)
The opening of Kuala Lumpur International Airport (KLIA) on 27 June 1998 marked a significant milestone in Malaysia's infrastructure development, addressing the limitations of the old Subang Airport and supporting the nation's economic growth through enhanced aviation connectivity.
Implementation of Capital Controls in Response to the 1997–1998 Asian Financial Crisis
In September 1998, Malaysia implemented capital controls to combat the Asian Financial Crisis, pegging the ringgit to the US dollar and restricting foreign investments, leading to a quicker economic recovery compared to neighboring countries.
Sacking of Anwar Ibrahim as Deputy Prime Minister 1998
The sacking of Anwar Ibrahim as Malaysia's Deputy Prime Minister on 2 September 1998 marked a pivotal moment in the nation's political history, igniting widespread protests, a major opposition movement known as Reformasi, and long-term challenges to the ruling Barisan Nasional (BN) coalition's dominance.
1998 Commonwealth Games in Kuala Lumpur
The 1998 Commonwealth Games, held in Kuala Lumpur, Malaysia, from September 11 to 21, were the first to be hosted in Asia, featuring 214 events in 15 sports and attracting 3,638 athletes from 69 nations, showcasing Malaysia's rising global presence amid its Vision 2020 ambitions.
Anwar Ibrahim's Reformasi Rally in Kuala Lumpur
The Reformasi rally led by Anwar Ibrahim on September 20, 1998, in Kuala Lumpur marked a pivotal moment in Malaysian politics, igniting a nationwide movement for democratic reform, social justice, and an end to perceived authoritarianism under Prime Minister Mahathir Mohamad's government.
Start of the 1998–1999 Malaysia Nipah Virus Outbreak
The 1998–1999 Nipah virus outbreak in Malaysia began in September 1998, marking the emergence of a novel zoonotic virus that spread from fruit bats to pigs and humans, causing severe encephalitis with a high fatality rate and leading to the culling of over a million pigs.
Tenth APEC Ministerial Meeting in Kuala Lumpur
The Tenth APEC Ministerial Meeting, held in Kuala Lumpur from November 17 to 18, 1998, convened trade and foreign ministers from 21 member economies to address the Asian Financial Crisis, promote trade liberalization, and discuss sustainable growth strategies amid regional economic challenges.
Opening of the Islamic Arts Museum Malaysia
The Islamic Arts Museum Malaysia was officially opened on 12 December 1998 in Kuala Lumpur, established by philanthropist Syed Mokhtar Albukhary via the Albukhary Foundation.
