Malaysia retains its 21st spot out of 134 countries surveyed in the latest Global Competitiveness Report 2008-2009 by World Economic Forum (WEF) released in Geneva, Switzerland, on Wednesday.
Among Asean economies, Malaysia ranks second after Singapore (overall 5th) with Thailand at third position (overall 34th); followed by Brunei Darussalam at 4th spot (overall 39th); Indonesia at 5th position (overall 55th) while Vietnam is ranked 6th (overall 70th) and Philippines is at 7th placing (overall 71th).
Within the Asian economies, Malaysia ranks among the top six economies, after Singapore, Japan, Hong Kong, Republic of Korea; and Taiwan, but ahead of the giant economies of China at 7th placing (overall 30th) and India at 9th spot (overall 50th).
The report noted Malaysia''''s strengths in the excellent functioning of its goods, labour and financial markets. The country''''s labour markets are commended to be very efficient at 19th position with the goods markets functioning well ranking at 23rd supported by strong competition and business-friendly taxation.
Malaysia sound banking and financial market is recognized for its sophistication and the relative ease of access to various forms of financing for business development, which translates to a good showing at 16th position under this category. The robust performance of the banking sector is a definite indication that Malaysia has recovered from the 1998 financial crisis.
Malaysia is also acknowledged for its well-developed transport infrastructure and its strong business sophistication and innovative potential, which have significantly supported the country''''s growth over recent years.
USA emerged as the most competitive economy, followed by Switzerland, Denmark, Sweden and Singapore.
Adapted from WEF website and NST Business Times 9 Oct 2008
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