ASEAN KEY DESTINATIONS
Malaysia slips in rankings
The country's rank has been on a declining trend for three consecutive years from 21st position in 2008/09, said the report, citing training and technological readiness among the other pillars to be improved.
In the overall competitiveness index, however, the country stood almost flat at 4.88 out of seven compared with in 2009 when it scored 4.87.
"Among Asia-Pacific countries, Malaysia ranked eighth, ahead of China, Thailand, India, Indonesia and the Phillipines," said a statement from Ministry of International Trade and Industry today.
Malaysia scored highest in the legal rights index, together with Hong Kong and Singapore.
The country also scored high on the strength of investor protection, ranking fourth after New Zealand, Singapore and Hong Kong.
The top 10 countries in the report are Switzerland, Sweden, Singapore, the US, Germany, Japan, Finland, Netherlands, Denmark and Canada.
Saudi Arabia and Israel, ranked 21st and 24th respectively, overtook Malaysia.
The report covered 139 countries, of which six, namely Angola, Cape Verde, Rwanda, Swaziland, Iran and Lebanon are new.
Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said while the ministry acknowledged there were a number of areas for improvement, it was happy to see the report highlighted a number of positive elements about the Malaysian economy.
Mustapa said Malaysia was also assessed to have a well-developed financial market development with ease of financing through local equity, ranked 11th from 15th previously, and ease of access to loans position at 10th.
"Venture capital availability, soundness of banks, transparent regulations of security exchanges have also contributed to financial market development in Malaysia," he said.
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