21/06/2024 06:49 PM

PETALING JAYA, June 21 (Bernama) -- Most of the issues highlighted in the 2024 World Competitiveness Ranking report by the International Institute for Management Development (IMD) have been resolved in the first quarter (1Q) of this year, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar, who also serves as Finance Minister, pointed out that one of the concerns addressed was the implementation of subsidy targeting by the government, noting that this matter has since been resolved.

He affirmed that the government will openly scrutinise all aspects, including strengths and weaknesses, and ensure expedited improvements.

Additionally, the Prime Minister acknowledged that the report had highlighted concerns about the ringgit, noting improvements across all highlighted areas.

"The second concern was the weakness of the ringgit; it was a challenging issue last year, but we have seen improvement in the first quarter of this year. 

"Alhamdulillah (we are grateful) that some of the feedback has been taken into account, and following this, the government will work faster and more efficiently to address it," Anwar told reporters at the inaugural Asia ESG Positive Impact Consortium (A-EPIC) event, here on Friday.

Meanwhile, Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz attributed Malaysia's drop to 34th place in the IMD 2024 ranking to last year's weakness of the ringgit.

Based on the ministry's analysis, the use of 2023 data impacted Malaysia's competitiveness assessment, resulting in a drop from 27th to 34th globally and from 6th to 10th among 14 Asia Pacific nations surveyed by the Swiss-based institution.





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