PETALING JAYA, June 21 — Most of the issues highlighted in the World Competitiveness Ranking 2024 report by the IMD were resolved in the first quarter (1Q) this year, said Prime Minister Datuk Seri Anwar Ibrahim.
Anwar, who is also Finance Minister, said one of the concerns addressed was targeted subsidies by the government, and that this matter has been resolved.
He affirmed the government will openly scrutinise all aspects, including strengths and weaknesses, and ensure expedited improvements.
Additionally, the Prime Minister acknowledged the report highlighted concerns about the ringgit, noting improvements across all highlighted areas.
“The second concern was the weakness of the ringgit; it was a challenging issue last year, but we have seen improvement in the first quarter of this year.
“Praise be to God, some of the feedback has been taken into account, and after this, the government will work more efficiently to address it,” Anwar told reporters at the inaugural Asia ESG Positive Impact Consortium here today.
Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz attributed Malaysia’s drop to 34th place in the IMD 2024 ranking to last year’s weakness of the ringgit.
Based on his ministry’s analysis, the use of 2023 data impacted Malaysia’s competitiveness assessment, resulting in a drop from 27th to 34th globally and from sixth to 10th among 14 Asia-Pacific nations surveyed by the Swiss-based institution.
— Bernama
