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For image info, go to https://worldofbuzz.com/indonesia-thailand-overtake-malaysia-in-world-competitiveness-ranking-for-1st-time-as-we-drop-to-34th/ (Indonesia & Thailand Overtake Malaysia in World Competitiveness Ranking for 1st Time as We Drop to 34th)
Finally Malaysia loses out in global competitiveness to Indonesia and Thailand
Update2
Govt will work harder after competitiveness index drop, says PM
Elill Easwaran-21 Jun 2024, 05:20 PM
Anwar Ibrahim says the Cabinet discussed the issue yesterday and has identified Putrajaya’s strengths and weaknesses.
Anwar Ibrahim said the recent ranking was made based on information from 2022 and some improvements have been made since.
KUALA LUMPUR: Prime Minister Anwar Ibrahim said the government will work harder and more efficiently following Malaysia’s drop to the 34th position in the International Institute for Management Development’s (IMD) World Competitiveness Ranking.
He said the Cabinet discussed the matter yesterday and had identified the government’s strengths and weaknesses based on IMD’s report.
“Everyone will work faster and more efficiently to improve (Malaysia’s ranking),” he told reporters after the launch of Asia’s first ESG Positive Impact Consortium today.
Anwar also said the ranking was made based on information from 2022, and some improvements have been made since.
He said a major issue was the government’s failure to implement targeted subsidies, “but we have since corrected that”.
The ringgit has also strengthened in the first quarter of 2024 compared to then, he said.
Earlier, investment, trade, and industry minister Tengku Zafrul Aziz said the weakened ringgit and over-expenditure by the government are among the factors that contributed to Malaysia’s drop in the World Competitiveness Ranking.
He said the weak ringgit had affected many other aspects taken into account by the IMD index, including productivity and efficiency.
Tengku Zafrul said the government had exceeded its budget last year, pinning the blame on the economic effects of the Ukraine-Russia war.
He also said a decline in exports in the electrical and electronics (E&E) sector had affected Malaysia’s competitiveness, and added that this slowdown was linked to a drop in global trade.
Last year, Malaysia ranked 27th out of 67 countries in the competitiveness index. This year’s rankings saw Malaysia slip seven places.
Malaysia also fell to 10th out of 14 countries in the Asia-Pacific region, ranking lower than Indonesia and Thailand for the first time.
Update
Miti to explain Malaysia’s drop in competitiveness index
FMT Reporters-20 Jun 2024, 12:24 PM
Minister Tengku Zafrul Aziz says he will discuss the IMD World Competitiveness Ranking report with his team and all relevant parties.
Investment, trade and industry minister Tengku Zafrul Aziz said his ministry is reviewing the IMD World Competitiveness Ranking report to understand the global trade-related issues contributing to Malaysia’s drop in standing. (Bernama pic)
PETALING JAYA: Investment, trade and industry minister Tengku Zafrul Aziz will provide a detailed explanation of the country’s drop in the International Institute for Management Development (IMD) World Competitiveness Ranking by this evening.
Tengku Zafrul said his ministry has received the report and is reviewing it to understand the issues related to global trade, Bernama reported.
“I will discuss it with the team and all relevant parties, and I will provide a detailed explanation of the matter this evening,” he was quoted as saying.
Malaysia’s ranking dropped seven places to 34th out of 67 countries in the IMD World Competitiveness Ranking, which was released on Tuesday.
It also fell four places to 10th out of 14 countries in the Asia-Pacific region, marking the first time it had ranked below Indonesia and Thailand.
In a statement today, Muda had called on the government to promptly explain the country’s decline in ranking.
The party also questioned the lack of an official response from Prime Minister Anwar Ibrahim and his government within 24 hours of the ranking’s release.
“If the prime minister cannot provide answers, Muda suggests that the responsible minister should clarify,” it said.
Muda also asked whether former finance minister Lim Guan Eng would issue a statement as he had when Malaysia fell from 25th spot to 32nd in the 2022 edition.
Lim had described the drop of seven places as a “clear warning” that then prime minister Ismail Sabri Yaakob’s administration had failed.
He said the decline in Malaysia’s competitiveness “reinforces the need to heed warnings of the lack of governance, competency, certainty, consistency and clarity to replace prevailing policy complacency, confusion and flip-flops”.
KUALA LUMPUR, June 18, 2024: Malaysia has not only fallen seven spots in the global competitiveness ranking, it is ranked lower than Indonesia and Thailand for the first time in history.
Is that any surprise?
With the Madani Unity Government focusing on giving priority to religion and pandering to religious bigots and corruption, the country is in reverse socio-economic gear.
But Indonesia and Thailand have been focusing aggressively on socio-economic development to attract investors.
Malaysia’s 10th Prime Minister (PMX) Anwar Ibrahim has been travelling extensively to attract investors and have been making many announcements of securing multi-million or multi-billion-Ringgit foreign investments.
Is that so? Where are they? All just sweet talk from the PMX?
Why then is Malaysia now behind its neighbours in global competitiveness?
No News Is Bad News reproduces below a news report on Malaysia’s deteriorating competitiveness in nearly all factors:
Malaysia drops 7 spots in global competitiveness ranking
Danish Raja Reza-18 Jun 2024, 02:58 PM
This is the first time the country has ranked lower than Indonesia and Thailand.
Malaysia experienced a decline in nearly all factors measured in the latest International Institute for Management Development World Competitiveness Ranking except for infrastructure. (AP pic)
PETALING JAYA: Malaysia has fallen seven places to 34th out of 67 countries in the International Institute for Management Development (IMD) World Competitiveness Ranking.
Malaysia also dropped four places to 10th out of 14 countries in the Asia-Pacific region, marking the first time it has ranked lower than Indonesia and Thailand.
Meanwhile, Singapore reclaimed its position as the world’s most competitive economy, climbing four places from the previous year and topping the index for the first time since 2020, surpassing countries like Switzerland (second) and Denmark (third).
Malaysia experienced a decline in nearly all factors including economic performance, government efficiency, and business efficiency. The only exception was infrastructure, in which it retained its position.
The report also showed that Malaysia dropped 19 spots to 35th in the domestic economy sub-factor and 17 spots to 53rd in productivity and efficiency.
The report listed five challenges for Malaysia, namely increasing investment in research and development to boost business resilience, optimising the labour market to maximise workforce productivity, updating policies and regulations to improve global competitiveness, leveraging advanced technologies to accelerate productivity growth, and mitigating increasing costs through strategic productivity enhancements.
The IMD World Competitiveness Ranking analyses and ranks the capacity of countries to create and maintain an environment that sustains the competitiveness of enterprises.
The current edition ranks 67 economies worldwide, with each economy’s final score calculated using a combination of executive perceptions and statistical data.
Executive perceptions were gathered through a tailored online survey conducted between February and May 2024. Statistical indicators were sourced from international, national, and regional organisations, private institutions, and partner institutes.
Malaysia’s data was provided by the Malaysia Productivity Corporation.
Based on analyses by scholars and the institute’s research and experience, the methodology of the ranking divided the national environment into four main factors: economic performance, government efficiency, business efficiency, and infrastructure.
Malaysia remained strong in the sub-factors of prices and tax policy, ranking 2nd and 11th respectively, but dropping by one place in each category from last year. Meanwhile, Malaysia fell two places to 10th for basic infrastructure.
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