Malaysia remains within the top 20 percent of 144 countries in the latest Global Competitiveness Index 2012-2013 although it slipped four notches to the 25th spot from last year's ranking. According to the report, the global competitiveness scores are calculated using public and private data around 12 key categories considered to be the pillars of competitiveness, including public institutions, infrastructure, health and education, market efficiency and technological readiness. The study shows improvement and development in public trust on in politicians, transparency in government policy making, efficient and competitive market for goods and services, supportive financial sectors and business friendly institutional framework.
At the same time, the survey report identified several problematic factors for doing business
Inefficient government bureaucracy
Access to financing
Restrictive labor regulations
Corruption
Inadequately educated workforce
Policy instability
Poor work ethic in national labor force
Inadequate supply of infrastructure
Inflation
Foreign currency regulations
Crime and theft
Tax rates
Government instability/coups
Tax regulations
Poor public health
These were the factors which affected the Malaysia competitiveness level in global competition.Thus, the government should focus more on the these 15 problematic factors to solve step by step in order to strengthen the future nation's competitiveness. The political leaders and policy makers should make strategic initiatives more holistic, comprehensive and futuristic. By making right key strategy alignment definitely will make our Malaysia shine in global competition.
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