Thailand climbs up competitiveness rankings

BANGKOK (The Nation/Asia News Network): The International Institute for Management Development (IMD) has revealed that Thailand's competitiveness ranking for 2023 has improved by three positions, placing it at 30th of the 64 economies worldwide and 3rd in Asean.

The Thai Management Association (TMA) today disclosed the results of the country's competitiveness ranking in the IMD report, which showed that Thailand has improved across various aspects, including economic performance, government efficiency, business efficiency, and infrastructure as below.

Economic Performance: Thailand's overall ranking has improved from 18th in 2022 to 16th this year. This is primarily due to the sub-factors of international investment, where Thailand has climbed up 11 positions, and international trade, where Thailand has improved by 8 positions.

Government Efficiency: The country is ranked 24th this year, with the main factors contributing to this improvement given as institutional framework and business legislation, with Thailand climbing up 7 positions in both sub-factors.

Business Efficiency: The overall ranking has improved from 7th in 2022 to 23rd this year. This improvement is mainly attributed to the sub-factor of productivity and efficiency, where Thailand has climbed 9 positions.

Infrastructure: Thailand has improved its ranking by 1 position, from 43rd in 2022 to 42nd this year. The main factor is the sub-factor of technological infrastructure, where Thailand has climbed up 9 positions.

In comparison to Asean countries, Thailand ranks 3rd, Singapore is 4th and Malaysia 27th.