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KUALA LUMPUR: Malaysia climbed the global business ladder by two notches, securing a place as the 14th most competitive country in the world. Malaysia, Hong Kong and South Korea were the only three Asian economies which improved their rankings during the economic turmoil.
This is according to the latest global competitiveness report of the Institute of Management Development (IMD), Switzerland, which rates 59 economies.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Malaysia registered significant improvements in the Business Efficiency category (sixth position from last year’s 14th) and in the Government Efficiency category (13th from 17th).
Business productivity and efficiency, finance, business legislation and societal framework showed improvements.
Mustapa said Malaysia remained in the top 10 list in the economic performance category, although its position slipped by three places.
This was due to slower employment growth and concerns over rising prices.
“We recognise that there are areas where improvements in our competitiveness can still be made, such as health and the environment, education and scientific infrastructure. Special attention will be given to address these concerns,” he said.
The report was based on a survey of more than 4,200 international executives. In the survey, Malaysia ranked fourth in terms of its attitude towards globalisation and number two, behind Ireland, in terms of its attitude towards the need for economic and social reforms.