PETALING JAYA: Malaysia’s improved World Bank ranking is a tangible result of better cooperation with the private sector and successful Government policies, said economists.
RAM Holdings chief economist Dr Yeah Kim Leng said Malaysia’s elevation from 23rd to 18th place in the World Bank’s Doing Business 2012 Report was “very good news” in these worrying economic times.
He said this “confidence-boosting improvement” was testimony to the early success of the Economic Transformation Programme (ETP) and Government Transformation Programme (GTP).
“We have seen quite a number of improvements in the Government’s delivery system – especially in terms of streamlining and expediting approval of permits and licensing,” he said.
Dr Yeah said he had seen strong cooperation between the public and private sector through government units Pemudah and Pemandu, which had enhanced the efficiency and quality of doing business in Malaysia.
MIDF Research chief economist Anthony Dass said the ETP and GTP, which focused on reducing bureaucracy and improving efficiency, were slowly being translated into numbers.
“Transformation takes time but we’re definitely seeing some positive impact.
“Improving by five notches is quite a good jump and shows the Government’s policies are doing quite well,” he said.
Malaysian Rating Corp Bhd chief economist Nor Zahidi Alias said the ETP and GTP were essential in spearheading the economy to strengthen the country’s economic foundation.
“When long-term impediments are removed, structural problems are addressed.
“Investors will become more confident about the long-term prospects of the economy,” he said.