Thailand's competitiveness ranking has slipped globally this year with lack of efficiency in government a key factor in the drop.
Thailand was ranked 30th in the latest World Competitiveness Ranking, dipping five notches from last year.
The country's economic performance and business efficiency improved three and four positions to 8th and 24th, respectively. But the efficiency of government was a setback, diving eight spots from last year to 32nd, while infrastructure also dropped four notches to 47th.
The rankings are prepared by the World Competitiveness Yearbook, published annually by Switzrland's International Institute for Management Development (IMD), using statistical data and surveys of executive opinion.
The business school, based in Lausanne, surveyed 69 countries or economies, five of them members of the Association of Southeast Asian Nations (Asean). Its definition of competitiveness includes the quality of life, governments and business companies.
Singapore led its Asean peers, ranked 2nd in the world, swapping positions with Switzerland, which was on top of the table this year.
"Its cross-factor strength underlines a robust and future-oriented economy," IMD said of Singapore.
Malaysia was second in the region as the country advanced 11 spots to 23rd, while Indonesia suffered the most in Southeast Asia, plunging 13 notches to 40th. The Philippines moved one position to 51st.