KUALA LUMPUR: Malaysia’s decline in the IMD’s World Competitiveness Rankings 2024 is due to the weakness of the ringgit last year, according to Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Abdul Aziz.
" was based on data from last year, 2023, compared to 2022, so there is a one-year lag. The factor that had the most significant impact is the stability of the ringgit, as highlighted in the rankings," he said after launching the Centralised Sustainability Intelligence Solution at Bursa Malaysia today.
"As you know, the ringgit was affected in 2023, and that had an effect on our competitiveness, but now the ringgit has strengthened, and if the same momentum continues, the ranking should improve,” he added. The minister noted that exports of high-end manufacturing products, especially E&E, had declined last year, which affected its weightage.