Latest news with #WorldCompetitiveness
Malay Mail
9 hours ago
- Business
- Malay Mail
‘This belongs to all Malaysians': PM hails reforms and public-private cooperation for surge in global competitiveness ranking
PUTRAJAYA, June 17 – Datuk Seri Anwar Ibrahim has today lauded Malaysia for jumping 11 places to rank 23rd in the IMD World Competitiveness Ranking 2025, marking its best performance in five years. The prime minister said the surge reflected the effectiveness of his administration's reform initiatives and the collective efforts of both the public and private sectors. 'We have proven that Malaysia is capable of making great strides forward through strong political will, the commitment of the entire government machinery, and close cooperation with the private sector,' he said in a statement here. He said Malaysia's improvements in trade, administrative efficiency and the investment environment had laid the groundwork for sustainable and inclusive economic growth. 'This achievement belongs to all Malaysians,' Anwar added. He described the latest ranking as a significant step towards the country's goal of becoming one of the world's most competitive economies by 2033. The Ministry of Investment, Trade and Industry (Miti) said earlier the latest ranking, up from 34th last year, reaffirmed the nation's trajectory towards becoming one of the world's top 12 most competitive economies by 2033 as targeted under the Madani Economy framework. Malaysia ranked fourth globally in economic performance, improving four spots from eighth place last year. Both government efficiency and business efficiency factors improved by eight positions. Miti said the international trade sub-factor increased 11 places to sixth, as strong export growth in goods and services, diversified markets, and rising tourism receipts strengthened Malaysia's trade surplus. The ministry also expressed confidence that with strong governance, continuous commitment from the federal and state governments and close cooperation with the private sector, Malaysia is on the right path to position itself among the world's 12 most competitive economies by 2033. According to the IMD World Competitiveness Centre, the annual ranking assesses countries based on four factors: economic performance, government efficiency, business efficiency, and infrastructure. The ranking evaluates 69 economies and is compiled using both hard data and survey responses from executives.
Free Malaysia Today
9 hours ago
- Business
- Free Malaysia Today
Malaysia advances 11 spots to 23rd in global competitiveness ranking
The investment, trade and industry ministry said economic performance, and government and business efficiency were the main factors driving Malaysia's progress this year. (AP pic) PETALING JAYA : Malaysia has advanced 11 spots in the International Institute for Management Development (IMD) World Competitiveness Ranking (WCR) 2025 to 23rd among 69 economies, up from 34th placing last year. In a statement yesterday, the investment, trade and industry ministry noted that the ranking is the nation's best since 2020. 'This reflects the rising momentum in Malaysia's economic recovery and reform agenda, and reaffirms its trajectory towards becoming one of the world's top 12 most competitive economies by 2033,' the ministry said. Last year, Malaysia fell seven places to 34th out of 67 countries worldwide, and four places to 10th out of 14 countries in the Asia-Pacific region. The nation experienced a decline in nearly all factors, including economic performance, government efficiency and business efficiency, except infrastructure, in which it retained its position. The WCR analyses and ranks the capacity of countries to create and maintain an environment that sustains the competitiveness of enterprises. The ministry said that this year, economic performance, government efficiency and business efficiency were the main factors driving the nation's progress. 'Malaysia ranked fourth globally in economic performance, improving four spots from eighth place last year. Both government efficiency and business efficiency factors improved by eight positions. 'The international trade sub-factor increased 11 places to sixth, supported by strong export growth in goods and services, diversified markets and rising tourism receipts, strengthening Malaysia's trade surplus,' it said. The ministry quoted its minister, Tengku Zafrul Aziz, as saying Malaysia's move up the rankings reflects how bureaucracy-related reforms are 'closely intertwined with facilitating robust investment and industrial growth'. 'The government's whole-of-government approach under the Madani framework also demonstrates its commitment to holistic structural reforms,' Tengku Zafrul said.
