Lausanne, Switzerland: Thailand tumbled five slots to 33rd in the International Institute for Management Development (IMD) World Competitiveness Ranking (WCR) released today.
According to the IMD, Thailand performed poorly across several key indices: economic performance, government efficiency, business efficiency and infrastructure.
The country fell 13 spots in economic performance (to 34th), nine in business efficiency (30th), 11 in government efficiency (31st) and one in infrastructure (44th).
According to the authors of the report, the kingdom struggled to revive its economic vibrancy and enhance public finance resiliency, while social inclusiveness, digital capabilities enhancement and establishing future-oriented talent management are other areas where it faces challenges.
However, the top attractions for foreign investment are its business-friendly environment, reliable infrastructure, open and positive attitude, cost competitiveness and economic dynamism.
Denmark reached the top spot for the first time in the rankings' 34-year history, thanks to its outstanding performance. Switzerland lost its global top spot and slipped to 2nd, while Singapore rebounded to 3rd (from 5th).
The top-performing Asian economies were Singapore (3rd), Hong Kong (5th), Taiwan (7th) and China (17th) with Australia ranking 19th.