Dynamics of the Pasoh forest in Peninsular Malaysia were assessed by drawing a comparison with a forest in Panama, Central America, whose dynamics have been thoroughly described. Census plots of 50 ha were established at both sites using standard methods. Tree mortality at Pasoh over an eight–year interval was 1.46% yr−1 for all stems greater than or equal to 10 mm diameter at breast height (dbh), and 1.48% yr−1 for stems greater than or equal to 100 mm dbh. Comparable figures at the Barro Colorado Island site in Panama (BCI) were 2.55% and 2.03%. Growth and recruitment rates were likewise considerably higher at BCI than at Pasoh. For example, in all trees 500 to 700 mm in dbh, mean BCI growth over the period 1985 to 1995 was 6 mm yr−1, whereas mean Pasoh growth was about 3.5 mm yr−1. Examining growth and mortality rates for individual species showed that the difference between the forests can be attributed to a few light–demanding pioneer species at BCI, which have very high growth and mortality; Pasoh is essentially lacking this guild. The bulk of the species in the two forests are shade–tolerant and have very similar mortality, growth and recruitment. The Pasoh forest is more stable than BCI's in another way as well: few of its tree populations changed much over the eight–year census interval. In contrast, at BCI, over 10% of the species had populations increasing or decreasing at a rate of > 0.05 yr−1 (compared to just 2% of the species at Pasoh). The faster species turnover at BCI can probably be attributed to severe droughts that have plagued the forest periodically over the past 30 years; Pasoh has not suffered such extreme events recently. The dearth of pioneer species at Pasoh is associated with low–nutrient soil and slow litter breakdown, but the exact mechanisms behind this association remain poorly understood.