Malaysia ranks the most competitive developing economy in Asia

Global Business

Malaysia ranks the most competitive developing economy in Asia.00_02_16_20.Still001

With low commodity prices, an exodus of foreign funds, a slumping currency and financial scandals, it’s been a rough year for Malaysia but things are turning around.

The World Economic Forum now ranks Malaysia among the 20 most competitive countries in the world, beating out Australia(21th), Ireland(24th) and South Korea(26th).

The country scored particularly highly in how it facilitates trade and manages its financial markets. Over the past five years, the government has been working to trim red tape, identify key growth areas and boost private investment under what it calls its Economic Transformation Programme.

CCTV’s Rian Maelzer reports from Kuala Lumpur.

Follow Rian Maelzer on Twitter @@rdamael

Malaysia ranks the most competitive developing economy in Asia

Malaysia ranks the most competitive developing economy in Asia

With low commodity prices, an exodus of foreign funds, a slumping currency and financial scandals, it's been a rough year for Malaysia but things are turning around. The World Economic Forum now ranks Malaysia among the 20 most competitive countries in the world, beating out Australia(21th), Ireland(24th) and South Korea(26th). The country scored particularly highly in how it facilitates trade and manages its financial markets. Over the past five years, the government has been working to trim red tape, identify key growth areas and boost private investment under what it calls its Economic Transformation Programme. CCTV's Rian Maelzer reports from Kuala Lumpur.

Click to view the full list of the WEF Global Competitiveness Report 2015-2016