Thailand has climbed one place, to 28th, in the 2021 world competitiveness rankings, conducted by the Institute for Management Development (IMD), supported by improvements in employment and public finances.
The Switzerland-based academic institution ranks 64 economies and assesses the extent to which a country promotes the prosperity of its people, by measuring economic well-being through hard data and survey responses from executives.
According to IMD, Thailand’s rise was attributed to improvements in several areas, such as labor market indicators, including labor force growth and in-work training opportunities for employees in the private sector. Some other positive notes are also seen in public finances, such as the public sector deficit, which remains below 5%, and business legislation.
Thailand also showed some gains in scientific infrastructure, including an increase in scientific academic research publications, confidence expressed by Thai business managers on the collaboration between academia and the private sector and the protection of intellectual property rights. (NNT)