00:00The weak ringgit and overspending are among the reasons why Malaysia slipped to 34th position
00:07in the World Competitiveness Ranking.
00:11Investment Trade and Industry Minister Tengku Zafrul Aziz said the weak ringgit affected
00:15the nation's productivity and efficiency, contributing to the lower ranking.
00:21In terms of overspending, the minister said Putrajaya exceeded its budget last year due
00:26to the Russia-Ukraine war driving up the prices of raw material.
00:31He said this led to the government spending more than allocated on fuel subsidies, among
00:35others, which reflected inefficiency.
00:39Besides the weak local currency and overspending, Tengku Zafrul also blamed a decline in electrical
00:44and electronics exports due to a slowdown in global trade.
00:48He was, however, hopeful that Malaysia will improve in next year's rankings with the
00:52ringgit strengthening, targeted subsidies being rolled out, and E&E exports increasing.
