23 Oct 2018
Malaysia’s ranking in the World Economic Forum’s Global Competitiveness Report has risen by one spot.
The report, which was released on the 17th of October 2018, has Malaysia placed 25 out of 140 countries – with a score of 74.4.
WEF measures national competitiveness, which is defined as ‘the set of institutions, policies and factors that determine the level of productivity’. The annual report has been being released since 1979 and uses 70% survey data from the United Nations and 30% data from 137 countries.
Countries are ranked according to 12 pillars of competitiveness: institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labour market, financial system, market size, business dynamism and innovation capability.
A change in methodology caused Malaysia to move up a spot – falling into second place among nine Southeast Asian countries.
Thailand ranked in 38th spot, following by Indonesia in 45th, the Philippines in 56th, Brunei Darussalam in 62nd, Vietnam in 77th, Cambodia in 110th and Laos in 112th.
Meanwhile, United States placed first as the most competitive country in the world, with a score of 85.6 – followed by Singapore with 83.5 and Germany with 82.8, in second and third place respectively.
The report also said that Malaysia was one of the three non-high-income countries that were featured in the top 40 of the list. Of the country’s best performing indexes, its macroeconomic stability scored perfectly at 100. Financial system and business dynamism were also among the best achievements.