PETALING JAYA: Malaysia has slipped to 34th position in the IMD World Competitiveness Ranking 2024 – down from 27th place in 2023. The ranking divides...
The IMD report says that for 2024, the main challenges for Malaysia will be to increase investment in research and development to boost business resilience. – AFPpicMalaysia has slipped to 34th position in the IMD World Competitiveness Ranking 2024 – down from 27th place in 2023.
“At a macro level, Malaysia ranked high in terms of prices , basic infrastructure , and tax policy ,” he said. “The country also has to optimise the labour market to maximise workforce productivity, update policies and regulations to improve global competitiveness, and leverage advanced technologies to accelerate productivity growth.”
He said the major competitiveness challenges for the world’s economies in 2024 and beyond were transitioning to a low-carbon and circular economy. “Countries also have to be mindful of emerging markets’ increasing integration into the world economy, and keeping up with digital transformation.” “AI adoption is one thing, but using it is another matter. One of the key challenges for companies today is how to implement AI systems that improve efficiency without disrupting business activities.
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