Tengku Zafrul: Last year’s weak ringgit main reason for Malaysia’s slide in world competitiveness, but ranking to improve as currency stronger now
He explained that based on the ministry’s preliminary study of the report, the primary reason for the country’s drop in the index from the 27th place in 2023 to the 34th spot in 2024 was the reliance on 2023 data to measure national competitiveness. Elaborating further, Tengku Zafrul said the ringgit’s weakness last year had various implications, including the valuation of investments, productivity, and efficiency which is closely related to the currency’s value, consequently reflecting concerns about economic stability.“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.“This was in tandem with the slowdown in trade worldwide, but this year we can see that the sector has improved.
Zafrul: Last Year’S Weak Ringgit Main Reason For Malaysia’S Slide In World Competitiveness But Ranking To Improve As Currency Stronger Now
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