Thailand jumps five places in competitiveness ranking
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Thailand jumps five places in competitiveness ranking

Tourists walk towards Wat Phra Kaeo inside the Grand Palace, which remains one of Thailand’s leading tourist attractions. (Photo: Somchai Poomlard)
Tourists walk towards Wat Phra Kaeo inside the Grand Palace, which remains one of Thailand’s leading tourist attractions. (Photo: Somchai Poomlard)

Thailand's position in a competitiveness ranking improved to 25th from 30th, surpassing Malaysia to finish second in Asean, with a notable improvement in economic performance.

Danucha Pichayanan, secretary-general of the National Economic and Social Development Council, said on Tuesday he reported to the cabinet the 2024 Competitiveness Ranking released by the IMD World Competitiveness Center.

A total of 67 economic zones were assessed in the ranking.

"Thailand's economic performance ranking improved by 11 spots, rising from 16th to fifth, primarily attributed to better international trade and an improved current account balance from the previous year," said Mr Danucha.

Despite improving five spots in the main ranking, he said Thailand's net score decreased from 74.5 last year to 72.5, in line with most other economic zones that also declined from 2023.

A major factor behind the higher rating was the country's ranking for international trade, which improved by 23 spots from 29th in 2023 to sixth.

The domestic economy improved by five spots from 44th last year to 39th.

In terms of government efficiency, the ranking remained unchanged from 2023, though the ranking for public finance rose three spots to 22nd.

Tax policy and social framework remained flat in eighth and 47th position, respectively, while in the category institutional framework, Thailand fell five spots to 39th.

The ranking for business legislation dropped eight places to 39th.

Thailand's ranking for business efficiency gained three places to 20th this year, mainly attributed to improvements in management practices, which rose seven places to 15th.

The ranking for attitudes and values rose by one place to 18th.

On the infrastructure front, the ranking also remained flat from 2023. The ranking for technological infrastructure was unchanged at 25th along with education, which ranked 54th.

Basic infrastructure dipped by one place to 23rd, scientific infrastructure fell by one place to 40th, and health and environment dropped by two spots to 55th.

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