The World Economic Forum (WEF) today raised Malaysia to 18th spot from 20th last year under its Global Competitiveness Report 2015-2016, which covers 140 countries, placing Malaysia well on track towards a high-income developed status in less than five years.
According to the report, Malaysia’s competitiveness lies in goods market efficiency and financial market development pillars in which it is ranked in the top 10 at 6th and 9th positions, respectively.
Malaysia improved in eight of the 12 pillars, with gains in macroeconomic stability (35th, up nine places) as the budget deficit continues to be reduced to the lowest in six years (3.7 per cent of gross domestic product), higher education and training (36th, improving by 10 places) and, most notably, technology readiness (47th, improving by 13 places).
First place in the GCI rankings, for the seventh consecutive year, goes to Switzerland. Its strong performance in all 12 pillars of the index explains its remarkable resilience throughout the crisis and subsequent shocks. Singapore remains in 2nd place and the United States 3rd. Germany improves by one place to 4th and the Netherlands returns to the 5th place it held three years ago. Japan (6th) and Hong Kong SAR (7th) follow, both stable. Finland falls to 8th place – its lowest position ever – followed by Sweden (9th). The United Kingdom rounds up the top 10 of the most competitive economies in the world, followed by Norway and Denmark.