Malaysia's investment slump shows need for structural reforms - World Bank

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Malaysia risks falling behind in the regional competition for foreign investments due to longstanding policy and structural issues, as it comes in "striking distance" of becoming a high-income nation, the World Bank said.Foreign direct investments (FDI) to Malaysia fell 56 percent to US$3.4 billion in 2020, a government report said this month, as the Covid-19 pandemic battered its trade-reliant economy.The United Nations Conference on Trade and Development in a January report said FDI into Malaysia fell 68 percent last year, the worst rate in Southeast Asia.Foreign inflows should remain subdued as Malaysia lags in reforms to policies that drove its 1970s to 1990s boom, said Richard Record, the bank's lead economist for Malaysia. "The policies and the tools and approaches that worked well in the past, are probably not the same tools and approaches that will be…