Malaysia in top 25 most competitive economies

Malaysia in top 25 most competitive economies

Thailand's digital competitiveness ranking is a reflection that the government's 4.0 policy has yet to bear fruit.

On the outlook for the rankings, he said Malaysia would need to step up on efforts to improve the investment environment to increase trade, regulatory burden and strengthen its technological capabilities.

The 2017 edition of the Institute for Management Development's World Competitiveness Yearbook (WCY) saw Malaysia drop to 24th position, its lowest ranking in five years.

"The five highest key attractiveness indicators are cost competitiveness [at] about 52.9%, followed by [a] business-friendly environment at 48.1%, reliable infrastructure at 47.1%, the dynamism of the economy at 43.3% and [a] skilled workforce at 42.3%", said the centre. The Lion City overtook the United States, which placed third previous year.

The top 10 in the first Digital Competitiveness rankings were Singapore, Sweden, the US, Finland, Denmark, the Netherlands, Hong Kong, Switzerland, Canada and Norway.

'The readiness of people and companies to embrace digital transformation and the willingness to change reflect a country's adaptive attitudes and business agility, ' said Bris.

According to the IMD World Competitiveness Center in Lausanne, Switzerland, the United Arab Emirates (UAE) has climbed five places to 10th among the most competitive economies globally.

Australia's global competitiveness ranking has dropped out of the top 20 for the first time in more than two decades, partly undermined by poor government efficiency readings.

"The geopolitical uncertainties, China's economic slowdown and sharp movements in commodity prices have affected sentiment towards Malaysia and partly contributed to the decline in our ranking", he said, in response to the latest rankings, in a statement.

In the Asia-Pacific region, Malaysia was placed sixth in 2017 compared with seventh previous year, ahead of Japan which finished eight, Thailand (ninth), and South Korea (10th); and remained second in the ASEAN region after Singapore.

The assessment on the 63 economies was based on four competitiveness factors - economic performance, government efficiency, business efficiency and infrastructure.

Going forward, Mohd Razali said the government is determined to continue to accelerate its implementation initiatives to sustain the future of Malaysia's competitiveness.

"We are confident that in the next report that we are going to see improvement in terms of our ranking", he said.

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