After its competitiveness ranking hits record low, Malaysia plans task force to boost it to top 12

18 Jul 2024

The Putrajaya government plans to establish a task force to boost Malaysia’s standing to become the world’s top 12 most competitive country by 2033, said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Zafrul said he will co-chair the task force with Finance Minister II Datuk Seri Amir Hamzah Azizan.

The decision came following the seven-spot decline in Malaysia’s competitiveness ranking to the 34th place in 2024, out of 67 countries, marking its worst ranking on record after its previous low of 32nd place in 2022, based on data available since 1997.

The country also dropped four places to 10th out of 14 countries in the Asia-Pacific region, marking the first time it has ranked lower than Thailand and Indonesia, according to the International Institute for Management Development (IMD) World Competitiveness Ranking.

The drop in ranking was due to Malaysia experiencing a decline in nearly all factors, including economic performance, government efficiency and business efficiency, with the only exception being infrastructure, where it maintained its position.

“It requires a whole-of-government approach, involving everyone, each playing their respective roles, towards achieving our Madani economy target of reaching the top 12 in the ranking.

“(So), a detailed update will be provided to the Cabinet in the near future regarding what needs to be done following discussions with everyone involved,” Zafrul told a press conference after unveiling the ministry’s second quarter 2024 (2Q2024) report card.

Source: The Edge Malaysia