Thailand has jumped 2 places to 32nd rank globally from last year’s 34th most competitive economy on the World Economic Forum’s global competitiveness index.
Coming on top of the ranking is Switzerland, 5.86 scores from total 7, second is the United States, 5.85, and third is Singapore 5.71.
Thailand scored 4.7, up 0.1 from last year’s 4.6, while Malaysia in ASEAN comes 23rd rank with 5.17 scores.
Thailand is one of the 137 countries on the survey list. It achieved strong improvement on Pillar: macroeconomic environment, particularly on infrastructure projects such as rail, port and air transport.
The country performs outstandingly on macroeconomic environment jumping to 9th rank with 6.2 scores from 7.
But the WEF report pointed the country’s most problematic factors for doing business are:
– Government instability/coups
– Inefficient government bureaucracy
– Policy instability
– Insufficient capacity to innovate
– Inadequately educated workforce
– Tax regulations
– Inadequate supply of infrastructure
– Access to financing
– Poor work ethic in national labor force
– Tax rates
– Restrictive labor regulations
– Foreign currency regulations
– Crime and theft
– Poor public health
WEF said respondents to the World Economic Forum’s Executive Opinion Survey were asked to select the five most problematic factors for doing business in their country and to rank them between 1 (most problematic) and 5. The score corresponds to the responses weighted according to their rankings.
The Global Competitiveness Index (GCI) is prepared on the basis of country-level data covering 12 categories or pillars of competitiveness.
Institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation are the 12 pillars.
These indicators are grouped into 12 pillars (Figure 1): institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.