KUALA LUMPUR: Malaysia has been ranked 15th out of 137 nations for its efficiency in government spending, in the World Economic Forum (WEF) Global Competitiveness Report 2017-2018.
In Asean, it occupies the second spot, behind Singapore
According to the report, the United Arab Emirates takes the top spot for efficiency in government spending globally, followed by Singapore.
The Star reported that Malaysia, in 15th place, faired better than other European and Asian countries such as Finland (16), Norway (18), China (19), Iceland (23), Sweden (26), and Japan (29).
In the Asean region, Brunei Darussalam was placed 23rd in the world followed by Indonesia in 25th place. Laos, Thailand, Vietnam, Philippines, and Cambodia were ranked 30, 51, 69, 88, and 89 respectively.
Apart from efficiency in government spending, the report said Malaysia was placed third in the world for its “strength in investor protection” and was placed fifth in its “burden of government regulations”.
In terms of overall global competitiveness, Malaysia moved up two spots from 25 last year to 23 this year.
The Star reported that Malaysia was the region’s top emerging economy, ahead of countries such as South Korea and China.
The annual report measures national competitiveness, which is defined as the set of institutions, policies and factors that determine the level of productivity.
The study used 70% survey data from the United Nations and 30% data from 137 countries. It tracks the performance of 137 countries on 12 pillars of competitiveness via the Global Competitiveness Index (GCI).