Published: Wednesday September 5, 2012 MYT 4:57:00 PM
Updated: Wednesday September 5, 2012 MYT 6:06:56 PM
M’sia ranks 25 out of 144 countries in latest Global Competitiveness Report
By REGINA LEE
KUALA LUMPUR: Malaysia remains within the top 20 percent of 144 countries in the latest Global Competitiveness Index 2012-2013 although it slipped four notches to the 25th spot from last year's ranking.
In the report profiling 144 economies, Malaysia's ranking came in behind other developed Asian countries such as Hong Kong (9), Japan (10), Taiwan (13) and South Korea.
Switzerland retained its top spot and Singapore retained its second spot.
Countries such as Luxembourg, New Zealand, United Arab Emirates as well as South Korea also overtook Malaysia in the rankings this year.
The common perception of an increase in crime negatively impacted Malaysia's ranking with a drop in the rankings related to crime such as the business cost of crime and violence; organised crime; and reliability of police services.
However, the study also noted that public trust in politicians had improved, boosting the ranking to 17th place from last year's 25th.
There was also an improvement in the transparency of government policymaking to the 17th spot, up from 26th last year.
"The most notable advantages are found in Malaysia's efficient and competitive market for goods and services (11th) and its remarkably supportive financial sector (6th), as well as its business-friendly institutional framework.
"In a region where many economies suffer from the lack of transparency and the presence of red tape, Malaysia stands out as particularly successful in tackling those two issues.
"Yet, despite the progress achieved, much remains to be done to put the country on a more solid growth path," according to a summary of the report.
According to the report, the global competitiveness scores are calculated using public and private data around 12 key categories considered to be the pillars of competitiveness, including public institutions, infrastructure, health and education, market efficiency and technological readiness.
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