BANGKOK, 29 May 2019 (NNT) - Thanks to the government’s efforts to revive the economy, invest in infrastructure projects and amend laws and regulations to adapt to the changes, Thailand has moved up five places to 25th position, the highest in 15 years, according to the International Institute for Management Development’s (IMD) latest World Competitiveness Rankings. Singapore ranked first, followed by Hong Kong and the United States.

The Secretary-General of the National Economic and Social Development Council (NESDC), Thosaporn Sirisamphand, said the IMD World Competitiveness Rankings rated 63 economies worldwide, using the three criteria of economic performance, government efficiency and infrastructure. The result shows that Thailand has risen from 30th position to 25th position, the highest in 15 years. Thailand performed better in economic performance, moving up two places to eighth position, thanks to an increase in foreign direct investment. The country’s government efficiency has advanced to 20th position, climbing up two places due to improved business legislation. The country’s infrastructure has also improved, rising three places.

To meet the IMD World Competitiveness Rankings’ criteria, Mr. Thosaporn said the NESDC had cooperated with the National Statistical Office (NSO) and the Thailand Management Association (TMA) to ensure that relevant agencies’ management information systems are accurate and modern.

However, he said challenges that Thailand must overcome include the use of technology and innovation to add value to local products and upgrade their quality, especially for the agricultural sector and small business enterprises. In addition, workforce development has to be in line with technical advances.

According to the rankings, Singapore was first, up from third place last year in a straight swap with the US, while Hong Kong remained second. Switzerland ranked fourth, followed by the United Arab Emirates.

In the ASEAN region, Singapore claimed the top spot, followed by Malaysia and Thailand. Overall, Malaysia ranked 22nd. However, Thailand’s economic performance and government efficiency rankings were higher than Malaysia’s.

National News Bureau Of Thailand