Malaysia’s ranking in the Global Competitiveness Report 2014-2015 improved as it took the 20th spot, up from last year’s 24th position, reported the media.
Despite being the country’s best position so far, Malaysia Productivity Corp director-general, Datuk Mohd Razali Hussain said the government plans to continue to intensify efforts in the pillars of labour market efficiency, macroeconomic environment and technological readiness.
Notably, macroeconomic environment posted a drop of “six places to 44th position from 38th last year. Our area of concern is the government budget balance and general government debt,” said Mohd Razali.
“On technological readiness, Malaysia declined nine places to 60th position from 51st previously.”
He said MPC plans to propose the creation of task force to improve Malaysia’s technological readiness.
Among the initiatives that will be intensified include international Internet bandwidth, mobile broadband subscriptions per 100 population as well as fixed broadband Internet subscriptions per 100 population.
On the labour market efficiency pillar, which climbed from last year’s 25th position to 19th, Mohd Razali revealed that the government will continue to intensify initiatives to promote women’s participation in the labour force.
Notably, 52.4 percent of the country’s entire female population are working last year.
“We will hold discussions with various ministries and agencies to improve Malaysia’s position in the three pillars, as well as, hold more engagements with the business community,” he added.
The Global Competitiveness Report, which is based on the Global Competitiveness Index, was introduced in 2004 by the World Economic Forum.