In response to Malaysia’s recent drop in the International Institute for Management Development (IMD) World Competitiveness Ranking, the Investment, Trade, and Industry Minister Tengku Zafrul Aziz has committed to providing a thorough explanation by this evening.
Ranking Decline and Regional Impact
The IMD World Competitiveness Ranking, released earlier this week, showed Malaysia falling seven places to 34th out of 67 countries.
Additionally, Malaysia’s position in the Asia-Pacific region dropped to 10th out of 14 countries, now ranking below Indonesia and Thailand for the first time.
Ministry’s Review Underway
Minister Tengku Zafrul stated that his ministry is currently reviewing the report to identify the global trade-related issues that have impacted Malaysia’s standing.
“I will discuss it with the team and all relevant parties, and I will provide a detailed explanation of the matter this evening,” he said.
Political Reactions and Criticism
The report’s findings have sparked significant concern and calls for accountability.
MUDA, a political party, has urged the government to promptly address the decline in ranking.
They also criticised the lack of an immediate response from Prime Minister Anwar Ibrahim and his administration within 24 hours of the report’s release.
Calls for Accountability
“If the Prime Minister cannot provide answers, MUDA suggests that the responsible minister should clarify,” the party stated.
They also inquired whether former Finance Minister Lim Guan Eng would issue a statement, recalling his remarks in 2022 when Malaysia similarly dropped seven places in the rankings.
Historical Context and Future Expectations
Lim had previously described the decline as a “clear warning” of the administration’s failures, emphasising the need for improved governance, competency, consistency, and clarity in policy-making to replace the prevailing policy of complacency and confusion.
As the nation awaits the Minister’s explanation, there is a growing call for decisive actions to address the issues highlighted by the competitiveness ranking and restore Malaysia’s standing on the global stage.
MARKETING Magazine is not responsible for the content of external sites.
After 20 years of evolving technology, shifting market trends, and adapting to changing consumer behaviour, the media landscape has nearly reached saturation.
We’ve optimised to the fullest, providing advertisers with abundant choices across technology, platforms, data-driven marketing, CTV, OTT, DOOH, influencer marketing, retail, etc.
Media specialists have diversified, but with more options comes the challenge of maintaining income growth. The industry is expanding, but revenue isn’t keeping pace.
Now, we’re at a TURNING POINT: time to explore and harness new sustainable revenue streams. While GroupM forecasts a 7.8% global ad revenue growth in 2024, challenges like antitrust regulation, AI and copyright issues, and platform bans persist.
Collaboration is key: partnerships that thrive on synergy, shared values, and aligned goals are becoming increasingly essential.
Hence, the Malaysian Media Conference, in its 20th year, has assembled the partners and players under one roof on October 25 for a day of learning, sharing, and exploring.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkNoPrivacy Policy
