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World Economic Forum report finds improvement but challenges remain in corruption, security, property rights, red tape & instability in politics & policy.

Download the annual Global Competitiveness Report 2012-2013 from the World Economic Forum (WEF) for free here.

Read the other article on this topic in the Bangkok Post today here with infographic with world rankings here. 

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Economics
RANKINGS

Competitiveness up one notch to 38th

6/09/2012
Post Reporters

Thailand's global competitiveness ranking has risen one place to 38th, breaking a six-year streak of declines, according to the World Economic Forum (WEF).

Switzerland was ranked as the world's most competitive economy in the annual rankings, followed by Singapore and Finland.

The WEF noted that despite the improvement in Thailand's overall ranking, "the competitiveness challenges the country is facing remain considerable." 

Political and policy instability, excessive red tape, pervasive corruption, security concerns, and uncertainty around property rights protection seriously undermine the quality of the institutional framework on which businesses rely heavily," said the WEF in the Global Competitiveness Report 2012-2013.

Thailand's ranking fell 10 places in terms of institutions to 77th, while public health at 71st and basic education standards at 89th were also considered weaknesses for the country's competitiveness.

Technology adoption also fared poorly at 84th.

Government instability ranked as the top problem for businesses, followed by corruption and policy instability.

On the other hand, the country's macroeconomic environment showed improvement. It also ranked relatively highly in areas such as investor protection, foreign market size and the quality of local suppliers, cluster development and the breadth of value chains.

(Source: Bangkok Post, Economics, RANKINGS, Competitiveness up one notch to 38th, 6/09/2012, Post Reporters, link) 


Competitive Economy Vocabulary

World Economic Forum (WEF) - an organization that organizes meetings to bring together the leaders of countries with the leaders of world business and in other sectors such as NGOs and technology  (See Wikipedia, website and Facebook)

Global Competitiveness Report 2012-2013 - (See Wikipedia)

competitiveness (noun) - how well a company is able to maintain or gain customers in a market  ความสามารถในการแข่งขัน
global - throughout the world; all over the world, including the whole world ทั่วโลก  ทั้งโลก
global competitiveness

competition (noun) - when a group of companies are trying to get the same customers and same puchases for their products การแข่งขัน

competitive (adjective) - involving competition มีการแข่งขัน
competitive economy
the world's most competitive economy 

notch - level
up one notch - increase by one level

competitiveness up one notch to 38th

Thailand's global competitiveness ranking

streak - a series of events; when some event many times without change (examples: a winning streak, a losing streak)
break a streak - the end the of the series of events

streak of declines
break a streak of declines 
breaking a six-year streak of declines

Thailand's global competitiveness ranking has risen one place to 38th, breaking a six-year streak of declines, according to the World Economic Forum (WEF).

annual - happening once a year ประจำปี
rankings - a list with the best first and the worst last
annual rankings

Switzerland was ranked as the world's most competitive economy in the annual rankings, followed by Singapore and Finland.

improvement - when something gets better or when you make it better การปรับปรุง, การทำให้ดีขึ้น
improvement in Thailand's overall ranking

challenges - new and difficult problems to solve or work tasks to do, that require effort and determination
competitiveness challenges

face a challenge
the competitiveness challenges the country is facing

considerable - very great, very big, very difficult จำนวนมาก ค่อนข้างใหญ่
the challenges remain considerable

The WEF noted that despite the improvement in Thailand's overall ranking, "the competitiveness challenges the country is facing remain considerable." 

instability - unstable, can change suddenly without notice, this makes it difficult to work with
political instability
government instability

policy - a plan of action to guide decisions and achieve outcomes นโยบาย (See Wikipedia)
policy instability

red tape - things that create delays and make work and business take longer to finish (such as rules, procedures and long forms and documents that you have to fill out, usually in government departments) (See Wikipedia)

excessive - too much; much greater than is usual; too much of something มากเกินปริมาณที่พอดี
excessive red tape

pervasive - existing everywhere
corruption - (See Wikipedia on bribery and political corruption)
pervasive corruption

security - the activity of making safe or protecting from harm ความปลอดภัย
concerns - worries; things that people are worried about ความกังวล
security concerns - worries about safety

rights - something that you are legally allowed to have or to do (See Wikipedia)  สิทธิ์
property rights
property rights protection

uncertainty - not knowing what will happen 
uncertainty around property rights protection

undermine - make weak; to make something or someone become gradually less effective or successful ทำให้อ่อนลง,ทำลายทีละน้อย,ทำลายอย่างลับ บ่อนทำลาย ทำให้กร่อน

institutions (noun) - 1. large and important organizations, such as universities or banks สถาบัน; 2. customs and traditions ระบบหรือประเพณีนิยม
institutional (adjective)

framework - a set of rules, ideas, and beliefs used to deal with problems and make decisions  ขอบข่ายงาน, โครงร่าง
institutional framework

rely on
rely on heavily

seriously undermine the quality of the institutional framework on which businesses rely heavily

Political and policy instability, excessive red tape, pervasive corruption, security concerns, and uncertainty around property rights protection seriously undermine the quality of the institutional framework on which businesses rely heavily," said the WEF in the Global Competitiveness Report 2012-2013.

X in terms of Y - X as measured by Y 
public health - solving health problems for large numbers of people such as prevention of disease in the whole country (See Wikipedia)

standards - an acceptable level of quality or achievement มาตรฐาน a rule for behaving which should be obeyed  บรรทัดฐาน, กฎเกณฑ์, กรอบ

basic education - education to meet basic learning needs, usually when a child is young but also includes adult education for basic skills such as reading (See Wikipedia)
basic education standards

Thailand's ranking fell 10 places in terms of institutions to 77th, while public health at 71st and basic education standards at 89th were also considered weaknesses for the country's competitiveness.

adoption - starting to use a new system
technology adoption - using new technology

fared - to pass through some situation; was successful / unsuccessful in a particular situation
fared poorly - to pass through some situation and be unsuccessful
fared well - to pass through some situation and be successful

Technology adoption also fared poorly at 84th. Government instability ranked as the top problem for businesses, followed by corruption and policy instability.

macroeconomics - the study of large economic systems, such as a whole country or region  (See Wikipedia)
macroeconomic environment

investor - a person or organisation that puts money into a company in exchange for a future profit นักลงทุน
investor protection - ways to protect people who invest in the country

foreign market size

intermediate goods - not final goods sold in stores, goods that are parts used to make other goods, used as input in production of other goods (See Wikipedia)

local suppliers - companies in the country that provides intermediate goods to manufacturers (so you don't have to import from outside the country)
quality of local suppliers

business cluster - the idea of gaining benefits from a large number of interrelated businesses in one area which was popularized by Harvard business school professor and consultant Michael Porter  (See Wikipedia)
cluster development - the process of creating business clusters and making them bigger and better (See Wikipedia)

value chain - an idea of Michael Porter (See Wikipedia)
breadth of value chains

On the other hand, the country's macroeconomic environment showed improvement. It also ranked relatively highly in areas such as investor protection, foreign market size and the quality of local suppliers, cluster development and the breadth of value chains.

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