The MCA Youth has raised concerns over Malaysia's recent drop in the International Institute for Management Development (IMD) World Competitiveness Ranking, urging the government to establish a robust roadmap for economic reforms in alignment with its electoral promises.
Secretary-General Saw Yee Fung emphasized the critical need for effective economic direction from the Anwar Ibrahim-led administration, citing Malaysia's descent to 34th place among 67 nations in the competitiveness ranking. "Competitiveness is pivotal for economic advancement. Despite the Ringgit's depreciation, Malaysia's global standing continues to falter, revealing the inadequacies of the government's economic strategies as mere rhetoric," Saw stated.
Highlighting specific areas of concern, Saw pointed out that Malaysia's rankings for corporate efficiency (40th), government efficiency (33rd), and infrastructure (35th) have all declined. This, she argued, underscores the government's failure to effectively address economic challenges, resulting in a worsening economic climate.
Saw criticized the administration's approach, accusing it of burdening the public with new taxes, subsidy reductions, and price hikes instead of bolstering economic fundamentals. She called for a shift towards serious institutional reforms, aggressive pursuit of economic growth, reduction of costs, attraction of foreign investments, and enhancement of technological and business capabilities.
The reinstatement of the Goods and Services Tax (GST), according to Saw, would provide a more efficient revenue stream for the government. She also advocated for strategic investments in high-value talent to regain Malaysia's competitive edge compared to regional peers.
In terms of long-term strategies, Saw stressed the importance of economic structural transformation and increased support for small and medium-sized enterprises (SMEs) to enhance productivity. Currently, SMEs contribute significantly less than their potential to Malaysia's overall productivity.
The IMD World Competitiveness Ranking, which evaluated 67 economies, showed Malaysia slipping in various key areas, including economic performance and business efficiency. The country's position in the Asia-Pacific region also declined, falling behind neighboring countries such as Indonesia and Thailand.
The ranking, based on executive perceptions and statistical data, assesses national environments across economic performance, government efficiency, business efficiency, and infrastructure.
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