Malaysia: Among 20 most Competitive Economies

Malaysia is ranked among 20 most competitive economies globally, up from the 24th position a year ago, underpinned by improved perception-based indicators related to safety and security as well as corruption.

The Ministry of International Trade and Industry said in a statement yesterday that Malaysia remains the highest ranked among developing Asian economies and is ranked the second most competitive economy among the 24 countries that the the World Economic Forum (WEF) categorises in the transition stage from an efficiency-driven to innovation stage of development.

According to the Global Competitiveness Report 2014-2015 of WEF, Malaysia is even ahead of developed nations such as Austria, Australia, France, Ireland and South Korea.

Among the Asia Pacific region, meanwhile, Malaysia just came in after Singapore, Japan, Hong Kong, Taiwan and New Zealand.

The rankings are based on the global competitiveness index which integrates both macro and micro economic aspects of competitiveness.

Malaysia stands out as one of the very few countries that have been relatively successful at tackling the issues of corruption and red tape as part of its government and economic transformation programs.

Malaysia ranks an impressive 4th for the ease of government regulation, and a satisfactory 26th in the ethics and corruption component of the index.

The country also ranks 11th for the quality of its transport infrastructure, reflecting a marked improvement in infrastructure and connectivity which bodes well towards achieving developed status by 2020

/theSUN 04-09-2014

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