Malaysia advances 11 spots to 23rd in WCR 2025
KUALA LUMPUR, June 17 (Xinhua) -- Malaysia has advanced 11 spots in the World Competitiveness Ranking (WCR) 2025, to 23rd among 69 economies, up from 34th placing last year.
The Ministry of Investment, Trade and Industry (MITI) of Malaysia said in a statement on Tuesday that this ranking is the country's best since 2020, reflecting the progressive momentum in Malaysia's economic recovery and reform agenda, and reaffirming its trajectory towards becoming one of the world's top 12 most competitive economies by 2033, as targeted under the Madani Economy framework.
It noted that economic performance, government efficiency, and business efficiency factors drove Malaysia's overall competitiveness performance.
Malaysia ranked 4th globally in economic performance, improving 4 spots from 8th place last year. Both government efficiency and business efficiency factors improved by 8 positions.
Meanwhile, the international trade sub-factor increases 11 places to 6th, supported by strong export growth in goods and services, diversified markets, and rising tourism receipts, strengthening Malaysia's trade surplus.
"Malaysia's move up the rankings by 11 positions to 23rd from 34th last year reflects how bureaucracy-related reforms are closely intertwined with facilitating robust investment and industrial growth, both critical for enhancing Malaysia's attractiveness as a preferred investment destination," MITI Minister Zafrul Aziz said.
He added that the government's whole-of-government approach under the Madani framework also demonstrates its commitment to holistic structural reforms.
The WCR is published annually by the Institute for Management Development based in Switzerland. It is a comprehensive report that evaluates countries based on their ability to create and maintain a business-friendly environment that fosters long-term prosperity.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
Kraft Heinz to rid all chemical dyes over next 2 years
NEW YORK, June 17 (Xinhua) -- Kraft Heinz, the food giant best known for its ketchup and boxed Mac & Cheese, said on Tuesday it would remove all chemical dyes from its products by the end of 2027. The company said the shift would affect only about 10 percent of its portfolio by sales. The New York Times quoted a spokeswoman as confirming that it would affect brands like Kool-Aid, Jell-O, Crystal Light and other beverages and desserts that contain dyes like Red No. 40 and Blue No. 1. Kraft Heinz is the first major food company to officially announce plans to stop using artificial colors. In April, Secretary of Health and Human Services Robert F. Kennedy Jr. said he had reached "an understanding" with food manufacturers to remove commonly used artificial food dyes from their products by 2026.
The Star
4 hours ago
- The Star
Zimbabwe maintains policy rate to ensure economic stability
HARARE, June 17 (Xinhua) -- Zimbabwean monetary authorities have decided to maintain the bank policy rate at 35 percent to ensure economic stability amid global trade tensions, Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu said on Tuesday. In a statement released following a meeting of the RBZ Monetary Policy Committee (MPC) held on Monday, Mushayavanhu said the central bank's tight monetary policy stance has resulted in sustained stability in the exchange rate and inflation during the second quarter of 2025. As a result of the positive domestic macroeconomic developments, the MPC resolved to maintain the bank policy rate at 35 percent to maintain price and exchange rate stability, Mushayavanhu added. The bank policy rate was raised from 20 percent to 30 percent in September last year when the central bank devalued the local currency, Zimbabwe Gold, by 43 percent following exchange rate volatility. "The MPC noted the broad-based deceleration of global growth occasioned by escalating trade tensions, geo-economic fragmentation, regional and international conflicts, and policy uncertainty," he said. "Considering the challenging and rapidly evolving risks to the global growth outlook, the MPC advised the RBZ to maintain a sufficiently tight monetary policy stance." He noted that despite uncertainty in the external environment, Zimbabwe's economy continues to show resilience and is projected to grow by 6 percent in 2025, underpinned by a recovery in the agricultural sector. Other sectors are also expected to record positive growth performance, benefiting from the prevailing price and exchange rate stability, he said. Last week, the Parliament of Zimbabwe called for a reduction in bank charges and the bank policy rate to boost public confidence in the banking sector and stimulate lending to the country's productive sectors.
Malaysia Sun
5 hours ago
- Malaysia Sun
Malaysia advances 11 spots to 23rd in WCR 2025
KUALA LUMPUR, June 17 (Xinhua) -- Malaysia has advanced 11 spots in the World Competitiveness Ranking (WCR) 2025, to 23rd among 69 economies, up from 34th placing last year. The Ministry of Investment, Trade and Industry (MITI) of Malaysia said in a statement on Tuesday that this ranking is the country's best since 2020, reflecting the progressive momentum in Malaysia's economic recovery and reform agenda, and reaffirming its trajectory towards becoming one of the world's top 12 most competitive economies by 2033, as targeted under the Madani Economy framework. It noted that economic performance, government efficiency, and business efficiency factors drove Malaysia's overall competitiveness performance. Malaysia ranked 4th globally in economic performance, improving 4 spots from 8th place last year. Both government efficiency and business efficiency factors improved by 8 positions. Meanwhile, the international trade sub-factor increases 11 places to 6th, supported by strong export growth in goods and services, diversified markets, and rising tourism receipts, strengthening Malaysia's trade surplus. "Malaysia's move up the rankings by 11 positions to 23rd from 34th last year reflects how bureaucracy-related reforms are closely intertwined with facilitating robust investment and industrial growth, both critical for enhancing Malaysia's attractiveness as a preferred investment destination," MITI Minister Zafrul Aziz said. He added that the government's whole-of-government approach under the Madani framework also demonstrates its commitment to holistic structural reforms. The WCR is published annually by the Institute for Management Development based in Switzerland. It is a comprehensive report that evaluates countries based on their ability to create and maintain a business-friendly environment that fosters long-term prosperity.
