The 2010-2011 Global Competitiveness Report placed Malaysia 26th among 139 economies, from 24th out of 133 countries in the previous report. The report was released by the World Economic Forum (WEF) recently.
According to the report, Malaysia's position has been on a declining trend in the past three years since its 21st position in 2008-2009.
Four main areas affecting Malaysia ranking:
- Higher education and training
- Technological readiness, and
- Labour market efficiency
Recommendations made by WEF:
- Improve its higher education system, especially increasing enrolment rates at the secondary and tertiary levels.
- Prepare to convert into an innovation-driven country where companies compete through innovation, producing new value-added and different goods using the most sophisticated production processes.
In terms of technological readiness, Malaysia is lagging behind with 57.6% internet users and 6.1% broadband internet subscribers only. (Hopefully, YTL can rolled out it's WiMax as scheduled this coming November)
From my observation, Malaysia are lacking in terms of people, people who can drive Malaysia to become a high-income nation. The mindset of our people MUST change, and MUST change it fast, and MUST change it correctly to rectify the problems which plaguing our nation from moving ahead in this 21st century.
* Finance Malaysia strongly believe that the successfulness of 1 nation is determined by every1 of us.
Source: Business Times, World Economic Forum websites