From a list of 59 countries, Malaysia ranks 14th in terms of economic competitiveness.
Drafted by the Institute for Management Development, the 2012 World Competitiveness Yearbook (WCY) ranked Malaysia at 14th out of 59 countries.
According to the WCY list, Malaysia overtook developed countries such as Australia, Finland and the United Kingdom.
Although it enjoyed a higher position than what it had in 2011 (16th), the country was not as good as Singapore (4th this year) in terms of competitiveness.
It did surpass all other recorded ASEAN nations however, including Thailand, Indonesia and the Philippines.
Malaysia’s competitiveness was ranked highly amongst various lists including that of populations greater than 20 million (5th) and rankings by Gross Domestic Product per capita of less than USD20,000 (2nd).
According to its website, the WCY rankings showed how well different countries managed their economic and human resources in increasing their prosperity.
Speaking on competitiveness rankings, IMD said: “All Asian economies have declined apart from Hong Kong (1st), Malaysia (14th) and Korea (22nd).”
The survey also showed that Malaysia had improved in four different categories, which gave the country it’s 2012 rank.
This included the overall rankings pertaining to:
- government efficiency (13th)
- business efficiency (6th)
- infrastructure (26th)
The only category which dipped in terms of overall rankings was economic performance, which ranked Malaysia at 10th, a three-place-drop from last year.
In a press statement, International Trade and Industry Minister Mustapha Mohamed said that Malaysia’s better scores indicated the impact of recent government measures.
“These wide-ranging measures include improvements in the delivery and efficiency of public services and increased transparency and accountability,” he said.