Posted by The International Institute for Management Development (IMD) World Competitiveness Ranking 2023 study came out on 20 June. It mentions that Malaysia has moved up five spots and is now the 27th most competitive economy in the world.
IMD worked with the Malaysia Productivity Corporation to figure out how well the country was doing, thus the report highlights a few of Malaysia’s strength.
Xinhua reported that Malaysia’s rise in the rankings was mostly due to its economic recovery, growth in investment. Malaysia also has some bright spots in the security of the exchange rate and the job market.
Malaysia’s strengths are its prices, its basic infrastructure, and its tax policies. However, the IMD said that Malaysia did not do well in the rankings for business laws, education, and social framework.
According to the IMD, Malaysia’s biggest challenges this year in terms of becoming a more competitive economy are; developing an industry-ready workforce, encouraging sectors to think digitally first, making it easier to do business at the national and sub-national levels, and pursuing sustainable development.
The World Competitiveness Report (WCR) 2023 is the 35th edition of the yearly ranking and report put out by IMD’s World Competitiveness Centre. It looks at 64 economies around the world.