Weak ringgit and subsidy implementation blamed for decline in world competitiveness ranking

Prime Minister Datuk Seri Anwar Ibrahim delivering his opening remarks during the Asia ESG Positive Impact Consortium launch in Kuala Lumpur, June 20, 2024. — GLENN GUAN/The Star

KUALA LUMPUR: Among the reasons that caused Malaysia’s decline in the International Institute for Management Development (IMD) World Competitiveness Ranking 2024 was the weak ringgit and the failure to implement targeted subsidies, says Datuk Seri Anwar Ibrahim.

The Prime Minister said the IMD’s World Competitiveness Ranking 2024 had considered Malaysia’s performance last year.

“In 2023, our failure to implement targeted subsidies was among the most prominent criticisms.

“Second, it is the weak ringgit. We admit that the ringgit issue is challenging. But this year, there was an improvement,” said Anwar after delivering his keynote speech at the launch of the Asia ESG Positive Impact Consortium (A-EPIC) on Friday (June 21).

Anwar said the Cabinet has heeded the report and is currently addressing the issues raised.

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“Most importantly, we note their concerns, and it cannot be denied that there are still improvements to be done this year,” Anwar added.

On Tuesday, Malaysia’s ranking in the IMD World Competitiveness Ranking dropped seven places to 34th out of 67 countries.

Malaysia also fell four places to 10th out of 14 countries in the Asia-Pacific region, ranking below Indonesia and Thailand.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz had said he would explain Malaysia’s decline in the IMD World Competitiveness Ranking 2024 report.

Sime Darby Property Berhad is the Urban Biodiversity Partner for the consortium's initiatives.

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