Previously, we shared how Malaysia recorded its worst placement in the International Institute for Management Development's (IMD) latest edition of the World
Previously, we shared how Malaysia recorded its worst placement in the International Institute for Management Development’s latest edition of the World Competitiveness Ranking.
In the 2024 edition, our country was ranked 34th out of 67 nations and economies, with neighbouring countries Indonesia and Thailand both overtaking us for the very 1st time.Now, the Ministry of Investment, Trade and Industry has come out to explain Malaysia’s decline in the ranking and allay fears by the public regarding the drop.
As reported by BERNAMA, its Minister, Tengku Datuk Seri Zafrul Abdul Aziz, explained that the drop in the ranking was due to the Ringgit’s weakness in 2023. He further elaborated that based on MITI’s preliminary study of IMD’s report, Malaysia’s drop from 27th to 34th in the ranking was due to the report’s reliance on 2023 data to measure national competitiveness.“ was based on data from last year, 2023, compared to 2022, so there is a one-year lag. The factor that had the most significant impact is the stability of the ringgit, as highlighted in the rankings.
Besides that, the MITI Minister also pointed to the low competitiveness ranking as being a result of low contribution from the electrical and electronic exports last year, which was in tandem with the slowdown in trade worldwide.
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