PM says World Economic Forum improves Thailand’s standing in competitiveness index

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Bangkok – Prime Minister Gen Prayut Chan-o-cha has voiced satisfaction that Thailand rose to 38th among 140 countries with a score of 67.5 out of 100 in this year’s World Economic Forum 4.0 Competitiveness Index. Last year the nation was in 40th place with a score of 66.3.

The PM highlighted that Thailand was placed 14th globally for financial stability due to its readiness in terms of capital. The ranking was considered a reflection of the availability of loans to SMEs and start-ups as well as the stability of commercial banks. Thailand also ranked 18th this year in terms of market size due to strong domestic consumption, investment and export.

In ASEAN, Thailand is ranked third after Singapore and Malaysia and maintains the sixth spot among the 12 countries of ASEAN+3 behind Singapore, Japan, South Korea, Malaysia and China. Gen Prayut mentioned that Thailand’s regional standings have been maintained for several years now, indicating stability.

The Prime Minister has directed all relevant agencies to attend to any weaknesses revealed by the ranking such as inequality in competition, regulation complexity, innovation support and development of special skills. He concluded by commending all for bringing Thailand into the world’s top 40 despite its status as a low-income nation.