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IMD partnered with the Malaysia Productivity Corporation to assess the country's performance.
According to the report, Malaysia's improvement in the rankings were mainly backed by its economic recovery, investment growth, and bright spots in exchange rate stability, and the employment market, reported Xinhua.
While Malaysia's strength areas are prices, basic infrastructure and tax policies, the IMD pointed out that the country did not perform well in the following sub-factor rankings: business legislation, education and societal framework.
The main challenges for Malaysia this year in terms of becoming a more competitive economy include talent development of industry-ready workforce, digital-first mindset for sectors, regulatory reforms for ease of doing business at national and sub-national levels, and the pursuit of sustainable development, according to the IMD.
Published by IMD's World Competitiveness Centre, the 2023 WCR is the 35th edition of the annual ranking and report, covering 64 global economies - BERNAMA