IMD ranks Thailand as world’s 27th most competitive

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BANGKOK – The International Institute for Management Development (IMD) has ranked Thailand as the 27th most competitive country in terms of economic and government performances.

National Economic and Social Development Board (NESDB) Secretary-General Porametee Vimolsiri said the Swiss institute this year evaluated the economic competitiveness of 63 countries and ranked Thailand 27th, one position higher than last year.

The evaluation took into consideration economic indicators, government efficiency, private sector efficiency, and the condition of the country’s infrastructure.

Thailand is the third most competitive ASEAN country, after Singapore and Malaysia. Its improved ranking was attributed to a better-performing economy and government. Companies operating in Thailand indicated that its the country’s macroeconomics have improved and expressed confidence in state services and Thai laws, which contribute to the ease of doing business.

However, IMD data suggests that Thailand must push for more foreign investment, while improving access to capital and infrastructure quality.

The NESDB has suggested that the Kingdom enhance education and job skills, increase the use of innovation, improve healthcare coverage, and for the government to maintain lines of communication with the private sector.