Thailand rises five places in global competitiveness survey
Thailand rose five places in the annual World Competitiveness rankings published last week by the Swiss Institute for Management Development, reaching 25th place on a stronger economy, improving infrastructure, and government efficiency.
The Kingdom demonstrated one of the strongest improvements in the rankings among the 63 economies analyzed by the Swiss Institute for Management Development (IMD). Saudi Arabia and Indonesia made even higher jumps but finished lower in the overall rankings compared to Thailand.
Singapore took the number one ranking, displacing the United States, which finished in third place on the 2019 list. With the Association of Southeast Asian Nations (ASEAN), Malaysia also finished just ahead of Thailand in 22nd place, its same ranking as last year.
Thosaporn Sirisumphand, secretary-general of the National Economic and Social Development Council (NESDC), said Thailand could surpass Malaysia to become the region’s second-most competitive economy in the next five to 10 years.
“We expect foreign direct investment into the country to improve even further after the new government is established,” Thosaporn said. “After the new government is established, investor sentiment will be boosted, and we expect further inflows into our markets.”
The government deserved some of the credit for the improvement, he added, noting that it has passed over 400 laws and regulations in just the past year alone that were designed to improve ease of doing business.
Arturo Bris, director IMD World Competitiveness Center said, “A strong institutional framework provides the stability for business to invest and innovate, ensuring a higher quality of life for citizens.”