The Malaysian Economy, 499 words essay example
In todays global and extremely competitive markets, every business or firms competed against worldwide or local competitors with consistently improving productivity efficiency, better performance, and shrinking prices for the products or services. The end user demands of the goods or services in every direction will reflect back the global competitiveness of the business or firms. Competition plays a dominant part to the operation of markets and elevated the innovation, productivity and growth of the country economy, all of which generate wealth and reduce poverty. However, markets do not permanently work well, and uncompetitive markets are often those that matter most for the underprivileged. A decade or so ago, most of the business or products involved trademarked knowledge and technology, which generated significant profit margins. Today, a lot of patented content has melted away, and there are few new progresses. At this stage, the lowest cost producer usually wins in the price war. Furthermore, many global players accept lower profit margins and that increases competitive pressures. As the result, the level of business competition in global nowadays is increasing over the years.
The Malaysian economy has not only subsisted the global economic crises that have overcome over these past 2decades but is now going from strength to strength because the key players in our economy have been able to adapt to the challenging times and transform their businesses into innovative, competitive and resilient entities. Next, Malaysian economy has a fast and stable growth throughout all these years, the government is moving from its manufacturing based toward financial services, telecommunications, tourism, creative industries and until the knowledgebased economy. According to the famous World competitiveness report which had made by the International Institute for Management development (IMD), Malaysia has been ranked in the 14th most competitive economy in 2014-2015. The report also mentioned that Malaysia had an outstanding growth in the institutions and macroeconomic environment pillars, as well as in numerous actions of market efficiency. This result also showed that the overall business environment in Malaysia is highly competitive.
The multidimensional business environment requires the business firm to put variety and diversify their efforts in order to survive and perform in a particular industry. On the other hand due to the factor such as global competition, technological changes that have made business firm struggle to remain competitive in the industry. All industry players are struggling to competitive with each others by implementing different business strategies in order to survive or sustainable their business in the highly competitive atmosphere. It motivates all the industry players to come up with the better, improved products or services than their competitors to achieve higher market share. However, all these industry players are the main bulk of the Malaysian economy, and thus, they are playing a big and important role in the strong growth of our economy. Hence, without a doubt higher business competition environment is a significant factor in fuelling the economy and can help to boost the countrys economy in the dynamic world of business.
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