Malaysia Improved Its Global Competiveness Ranking
Good News! Malaysia attractiveness to foreign investors and companies interested to set up businesses have been given a boost by the latest Global Competitiveness Report 2014-2015 released by the World Economic Forum.
Malaysia improve it’s ranking from 24th position last year to 20th position out of 144 economies. This places Malaysia ahead of developed economies such as Austria (21), Australia (22), France (23) and South Korea (26). The top 10 countries are Switzerland, Singapore, United States, Finland, Germany, Japan, Hong Kong SAR, Netherlands, United Kingdom and Sweden.
Among ASEAN countries Malaysia is ranked second behind Singapore which ranks no 2 globally. (Note: The no 1 ranking belongs to Switzerland). The other ASEAN countries are ranked as follows Thailand (31), Indonesia (34) and VIetnam (68).
The World Economic Forum assessed that Malaysia’s most notable strengths are its well-developed and sound financial market (4th), its efficient and competitive market for goods and services (7th) and its business-friendly institutional framework (29th). The high ranking for financial market is bouyed by Malaysia effort to be a global islamic finance hub. Malaysia also did very well (ranks 11th) for the quality of its transport infrastructure. The report praises Malaysia for its remarkable feat in this part of the world, where insufficient infrastructure and poor connectivity are major obstacles to development for many countries.
The most severe weakness appear to be Malaysia’s budget deficit, which represented 4.6 percent of GDP in 2013 (102nd), and the low level of female participation in the workforce (119th) (Note: In 2013, slightly more than half, or 52.4% of the female population in the country, had a job) ; and the still comparatively low technological readiness (60th). Furthermore, Malaysia will also need to work harder on its education system as higher education and training is ranked an unimpressive 46 compared Singapore ranked no 2 globally.
Link – Full Global Competitiveness Report (Note : 565 pages PDF – long download time)
September 5, 2014 / /