This is hard to answer, as I don't know the context to your question. I don't think it's fitness though. And I'm not even sure if you're a male or female. I'm assuming your a female, but I could be wrong.

The average height for a woman in the US is about 5'4". If you lived in the US, you would be considered short. If you lived in Mexico, where the average height is 5'2", you would be a little less short, but still short. In South Korea, it's 5'1." So, even in that country, it's a little short.

The advantages of being shorter are that you can get away with certain clothes and fashions that tall or average women couldn't. Even though tall people can reach higher objects, you won't have to bend down as far to reach them. You'll never bump your head on anything. Your choice in men will be expanded, because most girls require men taller than themselves.

The disadvantages are you can't reach high objects and can't get away with fashion or clothes that taller women can.

There are many other advantages and disadvantages that I'm sure you can imagine. Overall, it's a tradeoff. The biggest disadvantage to being short is the psychological one. You tend to think "well, I'm smaller than everyone else, so I'm not as significant." You adjust your behavior to compensate for this. Many short people do. Don't do this. Realize that everyone's so much more than their physical body. Think of the great short people that lived:

Napoleon
Mahatma Gandhi
Genghis Khan
Judy Garland
Mary Lou Retton
Irene Bedard

Its all relative. Depends on what your comparing it to. If your referring to dating a person then if your a female then its not to short if your boyfriend is 5'5'' If your boyfriend is 6'5'' then yeah it may be too short. If your trying out for basketball then yeah its probably to short.