Thailand is ranked first in Southeast Asia for its legal execution procedure dealing with bankruptcy, helping boost its Word Bank ranking among countries for the ease of doing businesses worldwide.
The World Bank, which recently announced the rankings for 2017, ranks Thailand 23rd of 190 countries on this measure, a sharp increase from 49th last year, Legal Execution Department chief Ruenvadee Suwanmongkol said yesterday.
Thailand ranks ahead of Singapore and Malaysia which come in 29th and 46th place respectively. It lags only Japan (2nd) and South Korea (4th) in Asia. "Key factors that improve overall rankings in Thailand include major changes to various laws," Ms Ruenvadee said, especially the amended Bankruptcy Act which is in line with the World Bank's indicator for resolving insolvency.
Thailand ranks 46th for ease of doing business. Improvements are due to attempts to rehabilitate enterprises and improving information technology, Ms Ruenvadee said.