The International Institute for Management Development (IMD) has released its latest edition of the World Competitiveness Ranking for 2024. In this edition, Malaysia has dropped seven spots, falling to 34th place out of 67 countries. Notably, for the first time ever, Thailand and Indonesia have surpassed Malaysia in this index.
The World Competitiveness Ranking 2024 is a report that analyzes and ranks the ability of 67 countries to create and maintain an environment conducive to sustaining the competitiveness of enterprises. The report assesses the competitiveness of a country's economy by considering several key factors: Economic Performance, Government Efficiency, Business Efficiency, and Infrastructure.
In the overall ranking, Singapore has climbed three spots to claim the top position, followed by Switzerland in second place. Among Southeast Asian countries, after Singapore, Thailand is the highest-placing at 25th place, followed by Indonesia at 27th, Malaysia at 34th, and the Philippines at 52nd.
This shift in rankings highlights the dynamic changes in the economic landscape of Southeast Asia, with countries like Thailand and Indonesia showing significant improvements in their competitive environments.
