Weak ringgit, overspending caused competitiveness to drop, says Tengku Zafrul
The investment, trade and industry minister also cites a slowdown in E&E exports in 2023, but expects Malaysia to fare better next year.
Read More:
https://www.freemalaysiatoday.com/category/nation/2024/06/21/weak-ringgit-overspending-caused-competitiveness-to-drop-says-tengku-zafrul/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
Subscribe to our channel - http://bit.ly/2Qo08ry
------------------------------------------------------------------------------------------------------------------------------------------------------
Check us out at https://www.freemalaysiatoday.com
Follow FMT on Facebook: https://bit.ly/49JJoo5
Follow FMT on Dailymotion: https://bit.ly/2WGITHM
Follow FMT on X: https://bit.ly/48zARSW
Follow FMT on Instagram: https://bit.ly/48Cq76h
Follow FMT on TikTok : https://bit.ly/3uKuQFp
Follow FMT Berita on TikTok: https://bit.ly/48vpnQG
Follow FMT Telegram - https://bit.ly/42VyzMX
Follow FMT LinkedIn - https://bit.ly/42YytEb
Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj
Follow FMT on WhatsApp: https://bit.ly/49GMbxW
------------------------------------------------------------------------------------------------------------------------------------------------------
Download FMT News App:
Google Play – http://bit.ly/2YSuV46
App Store – https://apple.co/2HNH7gZ
Huawei AppGallery - https://bit.ly/2D2OpNP
#FMTNews #TengkuZafrulAziz #Ringgit #Weak
Read More:
https://www.freemalaysiatoday.com/category/nation/2024/06/21/weak-ringgit-overspending-caused-competitiveness-to-drop-says-tengku-zafrul/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
Subscribe to our channel - http://bit.ly/2Qo08ry
------------------------------------------------------------------------------------------------------------------------------------------------------
Check us out at https://www.freemalaysiatoday.com
Follow FMT on Facebook: https://bit.ly/49JJoo5
Follow FMT on Dailymotion: https://bit.ly/2WGITHM
Follow FMT on X: https://bit.ly/48zARSW
Follow FMT on Instagram: https://bit.ly/48Cq76h
Follow FMT on TikTok : https://bit.ly/3uKuQFp
Follow FMT Berita on TikTok: https://bit.ly/48vpnQG
Follow FMT Telegram - https://bit.ly/42VyzMX
Follow FMT LinkedIn - https://bit.ly/42YytEb
Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj
Follow FMT on WhatsApp: https://bit.ly/49GMbxW
------------------------------------------------------------------------------------------------------------------------------------------------------
Download FMT News App:
Google Play – http://bit.ly/2YSuV46
App Store – https://apple.co/2HNH7gZ
Huawei AppGallery - https://bit.ly/2D2OpNP
#FMTNews #TengkuZafrulAziz #Ringgit #Weak
Category
🗞
NewsTranscript
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.