Thailand ranked Best Country for starting a business

U.S. News & World Report named Thailand number one on its rankings for 2020 Best Countries to Start a Business, based on a survey of over 6,000 global business decision-makers, validating the government’s efforts to increase ease of doing business.

The first-place finish is not the first time that Thailand has scored well in the U.S. News & World Report Best Countries rankings. Several strong ratings starting a business are evidence that the country consistently welcomes new business and investment and continually works to improve in all areas.

For business startups, the magazine asked respondents to rate countries on five criteria: affordability, bureaucracy, low manufacturing costs, connection with the rest of the world, and access to capital.

While Thailand achieved the number one ranking, four other countries in Asia rounded out the global top five: Malaysia, China, Singapore, and India.

Overall, survey respondents rate Thailand the 26th Best Country, the same placement as in the 2019 survey results. The Kingdom made 5th place in the category of Adventure, 8th place in Open for Business, and 9th place in Cultural Heritage. Readers ranked Thailand 28th in the world for Quality of Life.

The survey also placed Thailand at number 6 in the category of Movers, which describes up-and-coming economies. That result is a strong signal that business decision-makers see enormous potential in the country.

“Thailand is one of the world’s most visited countries,” the magazine wrote. “A substantial agriculture sector and competitive manufacturing industry have kept Thailand strong and growing with low poverty and unemployment rates.”

Photo courtesy of https://www.slideshare.net/StartupsGreaterAsia/think-asia-invest-thailand-july-2019