KUALA LUMPUR, June 22 — Minister of Investment, Trade, and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, attributed Malaysia’s drop in the IMD’s World Competitiveness Rankings 2024 to the weakness of the ringgit in 2023. From 27th place in 2023, Malaysia slid to the 34th spot in 2024 due to the lag in data assessment which predominantly reflected last year’s economic conditions.
Speaking at the launch of the Centralised Sustainability Intelligence (CSI) Solution at Bursa Malaysia, Tengku Zafrul highlighted that the depreciation of the ringgit impacted various aspects such as investment valuation, productivity, and overall economic stability metrics. However, he expressed optimism as the ringgit has strengthened this year, anticipating an improvement in Malaysia’s competitiveness ranking moving forward. He also noted a positive uptick in the electrical and electronic exports sector, signaling a potential rebound in economic performance.
The IMD’s World Competitiveness Rankings 2024 places Malaysia at 34th globally out of 67 countries, down from 27th in the previous year. Despite challenges, Malaysia remains focused on enhancing economic resilience and competitiveness in the region.
