Thailand leaps 6 spots in 'Ease of doing business' ranking
published : 24 Oct 2019 at 14:04
writer: Wichit Chantanusornsiri
Thailand moved up six places to 21st out of 190 countries in the World Bank’s 2020 ease of doing business rankings, Finance Minister Uttama Savanayana said on Thursday.
The country scored 80.1, slightly below Malaysia, ranked 12th, with a score of 81.50 and Singapore, ranked 2nd, with a score of 86.2.
An economy’s ease of doing business score is reflected on a scale from 0 to 100, where 0 represents the lowest and 100 represents the best performance.
Mr Uttama attributed the jump in World Bank ranking to the government's efforts in streamlining the approval process for doing business, adopting digital systems for government services, and improving rules and regulations to catch up with changes in business, beefing up its competitive edge.
Thailand saw a significant improvement in both score and ranking in two indicators: dealing with construction permits, which ranked 34th with a score of 77.3, up from 67th with a score of 71.9 in 2019; and protecting minority investors, ranking 3rd with a score of 86, up from 15th with a previous score of 75.