# Ringgit’s decline due to 1MDB shock and lack of competitiveness in Malaysia post-Asian financial crisis, says World Bank economist | Malay Mail

> A World Bank economist says the ringgit's weakness reflects Malaysia's loss of competitiveness since the 1998 Asian financial crisis, along with the 1MDB scandal. He noted that the Thai baht and South Korean won have outperformed the ringgit. He also cited China's economic slowdown and recent rate increases as pressures.

- Date: 2024-02-23 · published 2024-02-23T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/31950-ringgit-s-decline-due-to-1mdb-shock-and-lack-of-competitiveness-in-malaysia
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md)

## Why it matters

Structural weakness suggests the ringgit may stay under pressure, which keeps Malaysian import costs elevated and could weigh on regional export competitiveness.

## Read by commodity

- USDMYR: bullish ▲

## Sources

- malaymail.com: https://www.malaymail.com/news/malaysia/2024/02/23/1mdb-shock-and-lack-of-competitiveness-in-malaysia-post-asian-financial-crisis-why-ringgit-now-so-weak-says-world-bank-economist/119612

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.