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Malaysia drops 7 places in WEF’s Global Competitiveness Report

Malaysia has forsaken to a 25th mark out of 140 countries in a Global Competitiveness Report 2016-2017. — Picture by Yusof Mat Isa KUALA LUMPUR, Sept 28 — Malaysia has slipped 7 places to be ranked 25th out of 140 countries in a Global Competitiveness Report 2016-2017, compared to final year where it was placed 18th out of 138 countries.

In a news expelled by a World Economic Forum (WEF), Malaysia came in 25th behind southern neighbour Singapore that ranked second. Switzerland took a tip spot.

The study, that uses 70 per cent consult information and 30 per cent tough information from 140 countries, took into care 12 pillars of competitiveness to establish a country’s ranking.

According to a Malaysia Productivity Corporation (MPC) that expelled a information locally, Malaysia is still among a best in a segment notwithstanding a dump in rankings.

“Among rising economies, Malaysia continues to lead a segment notwithstanding losing some belligerent this year following 6 years of improvement,” a corporation’s executive ubiquitous Datuk Mohd Razali Hussien told a press discussion yesterday.

He reasoned that some of a information presented to WEF competence not have been “comprehensive”, ensuing in a unpredicted dump in rankings.

Mohd Razali however pronounced that a rankings still showed a immeasurable alleviation for a nation notwithstanding a uneasy mercantile year and highlighted areas that indispensable improvement.

“We need to do a lot some-more overdo programmes. There is a lot of good that we got from a news even yet we have left down,” he said.

Separately, International Trade and Industry Minister Datuk Seri Mustapha Mohamad argued that Malaysia’s rankings were shabby by outmost factors like a ringgit’s opening opposite a US dollar.

“The tellurian mercantile uncertainty, a clever US Dollar, a tumble in commodity prices and a slack in China’s economy are over a ambit,” he pronounced in a statement.

The apportion combined that a rankings were also shabby by parties looking to widespread fake news about Malaysia that resulted in disastrous notice towards a country.

“There is also a emanate of notice due to insane act of certain parties that continue to widespread ungrounded and groundless allegations about domestic domestic developments and a state of a economy.

“The fact is Malaysia stays politically fast and a mercantile fundamentals sojourn strong. This notice emanate contingency be taken severely and a Government will continue enchanting with several stakeholders to residence it,” Mustapha said.

The 12 pillars are institutions, infrastructure, macroeconomic environment, health and primary education, aloft preparation and training, products marketplace efficiently, work marketplace efficiency, financial marketplace development, technological readiness, marketplace size, business sophistication and innovation.

The 12 pillars of competitiveness are damaged down into simple requirements, potency enhances as good as creation and sophistication facilities used to establish a country’s placement.

Despite being placed seventh among 27 Asia Pacific countries this year, Malaysia’s opening showed a decrease in several of a indicators including institutions, health and primary education, aloft preparation and training.

Under a institutions, among a highlighted areas of alleviation by a news embody legal independence, business cost of terrorism, business cost of crime and assault as good as organized crime.

For aloft preparation and training pillar, a areas that Malaysia needs to demeanour into embody delegate preparation enrolment rate and tertiary preparation enrolment rate.

Other recommendations embody improving a womanlike appearance in a work force, sum taxation rate, and Internet bandwidth and subscriptions.

But Malaysia still achieved improved than Thailand and Indonesia, that ranked 34th and 41st respectively.

Razali pronounced Malaysians should be unapproachable of a country’s achievements of still scoring a tip 25 arrange worldwide notwithstanding being a nation that was transitioning from theatre dual to theatre 3 in terms of growth stages.

“We are still on a transition stage. We have finished good so distant and we will continue to improve,” he stressed.

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