Malaysia is on track to achieve a top 12 ranking in the Global Competitiveness Index within 10 years as outlined in the Madani Economy: Empowering People framework.
Deputy Finance Minister II Steven Sim Chee Keong said that despite an ailing global economy, Malaysia recorded an economic growth rate of 4.2% for the first half of the year.
“We were ranked 32nd on the Global Competitiveness Index in 2022, but this year, after six months of hard work, the unity government, civil servants, the private sector and the people managed to rise to the 27th spot on the index.
“We should be encouraged and motivated that the country is on the right track as Malaysia was once among the greatest in the world in terms of competitiveness, so our target is to be in the top 12 in the world, which means equivalent to developing and developed countries such as China and Singapore,” he said during the 2024 Budget Roadshow in Negeri Sembilan recently.
Also present was Senior Member of the Negeri Sembilan state executive council Datuk Seri Jalaluddin Alias.
Sim said that in the past two months, apart from the Madani Economic framework, the government also launched several other plans such as the National Energy Transition Roadmap (NETR), which is estimated to bring business opportunities of up to RM1.58 trillion by 2050.
He also said that aspects of public infrastructure including roads, hospitals and school facilities were raised by the state government to be highlighted by the federal government in next month’s tabling of Budget 2024.
“Indeed, starting from Budget 2023, the federal government has focused on ensuring that the basic facilities are in the best condition,” Sim said.
He noted that the government will also help companies to simplify their business and at the same time help empower workers’ skills thus being able to increase productivity.
“Employers have to make a profit and provide decent wages to employees so that talent and skills are not lost to other companies, including foreign companies,” he said.