Wednesday, September 4, 2013

WEF list: Malaysia are no24

GLOBAL SURVEY: Malaysia remains second most competitive Asean country

KUALA LUMPUR: MALAYSIA emerged  the 24th most competitive nation among 148 countries,  ranked   by  the World Economic Forum in its recently released Global Competitiveness Report (GCR).

Last year, Malaysia was ranked 25th out of 144 countries.

The nation remains the second most competitive Asean country and has improved its position to seventh from 10th among 25 Asia-Pacific countries.

GCR categorised the 148 countries in three stages of development, namely factor-driven, efficiency-driven and innovation-driven, based on gross domestic product per capita.

Malaysia falls in the transition category, moving from an efficiency-driven to innovation-driven economy.

The report noted that Malaysia held considerable advantage and was ranked 10th in its efficiency and competitiveness when it came to the marketing of its goods and services, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed yesterday.

The report also held high regard for the country's sound financial system, which was ranked sixth, and its business-friendly institutional framework, which was ranked 29th.

It has also been ranked 10th for the most conducive country to open a business in, while maintaining sixth position in the financial market development pillar, which has been one of the country's strongest areas with consistent performance in the last few years.

The criteria that contributed the most to this decision were ease of access to loans (fifth) and venture capital availability (seventh).

While Malaysia moved up a notch this year, Mustapa said the government was aware that more needed to be done.

Measures, such as subsidy rationalisation, proposal to introduce the goods and services tax and improvement in the quality of education and training, were important to improve the nation's competitiveness, he said.

Mustapa said Malaysia Productivity Corporation would play a role in coordinating efforts to enhance the nation's competitiveness and would step up collaborations with the Special Task Force to Facilitate Business (Pemudah) and Performance Management and Delivery Unit (Pemandu).

It will also use the GCR and similar reports to focus on strategies and measures to improve Malaysia's competitiveness.

GCR uses 70 per cent perception data obtained through the Executive Opinion Survey from high-level private sector executives and 30 per cent statistical data, comprising 114 criteria organised in 12 pillars of competitiveness.

*Taken from NST Online
**Picture is from
***For full list of  2013-2014 WEF country ranking, click here.

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