The IMD World Competitiveness Center’s 2024 ranking has elevated Thailand to 25th out of 67 economies, a rise from 30th place last year. The advancement places Thailand as the second most competitive country in ASEAN, just ahead of Malaysia.
The improvement in competitiveness is primarily due to a major boost in Thailand’s economic performance, which has climbed from 16th to 5th place. The enhancement is largely attributed to stronger international trade performance and a more favorable current account balance than the previous year.
Despite the rise in rankings, Thailand’s overall score declined slightly from 74.5 to 72.5, mirroring a general trend of score decreases among the economies assessed.
Solid gains were made in international trade, where Thailand jumped from 29th to 6th. The domestic economy also saw improvement, rising from 44th to 39th place. Government efficiency rankings remained stable, with public finance improving by three spots to 22nd.
Business efficiency in Thailand also improved, climbing three positions to 20th, driven by enhancements in management practices, which advanced seven places to 15th. Attitudes and values experienced a slight increase, rising to 18th.
Thailand experienced a decline in its ranking for business legislation, falling eight places to 39th. The institutional framework category also declined, dropping five places to 39th. Infrastructure metrics remained largely unchanged, with slight declines in basic and scientific infrastructure and a small drop in the health and environment category. (NNT)
