KUALA LUMPUR: According to a new report published by the Global Competitiveness Index by the World Economic Forum (WEF), Malaysia has remained in the top 20 percent of global economies. With an election looming in the country, it is positive news for the government, who hopes to push the economy and its progress to voters. “We are optimistic that the country's economy remains strong and that citizens are to see this as they decide who to vote for,” a top consultant in the Prime Minister's office told Bikyamasr.com. The report profiled 144 economies across the globe and Malaysia was ranked number 25, a drop in four spots from the previous report. Hong Kong, ranked 9th, Japan 10th, Taiwan 13th and South Korea at 19th, were the other Asian countries ranked above Malaysia. “We also still trailing behind Singapore, which retained its second spot, while Luxembourg, New Zealand, United Arab Emirates as well as South Korea overtook Malaysia this year,” the report said. According to the report, the perception of crime increasing in Malaysia was the major cause for the country's drop, the WEF said. On a positive note, the study also pointed out that Malaysians trust in politicians has increased dramatically, making it the 17th ranked country in public trust of its leaders. It also saw an increase in the overall transparency of government policymaking, rising to 17th overall from 26th. “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 being successful at tackling both issues.” The report added that more work is needed in Malaysia for it to jump into the top 20 of global economies and called on the government to continue its reform activities.
