The prestigious Thai Management Association (TMA) recently announced the results of Thailand’s competitiveness ranking according to the IMD report. Across several key metrics, such as economic performance, government efficiency, business efficiency, and infrastructure, Thailand has shown marked improvements in its rankings.
Economic Performance
In the area of economic performance, Thailand has made notable strides, moving from the 18th position in 2022 to the 16th position this year. The main drivers behind this improvement are the country’s enhanced international investment and trade performance. Thailand has risen 11 positions in international investment and 8 positions in international trade, demonstrating a stronger global presence and partnerships.
Government Efficiency
Thailand’s government efficiency has also seen progress, ranking 24th worldwide this year. Two crucial factors contributing to this improvement are Thailand’s institutional framework and business legislation. The country has climbed 7 positions in both sub-factors, signifying a more conducive environment for organizations and businesses to thrive.
Business Efficiency
Significant improvements have also been made in business efficiency, with Thailand’s overall ranking jumping from 7th in 2022 to 23rd this year. This remarkable leap can primarily be attributed to the sub-factor of productivity and efficiency, where Thailand has climbed an impressive 9 positions. This upward trend mirrors the country’s focus on fostering a dynamic and productive business landscape.
Infrastructure
As for infrastructure, Thailand has inched up one spot, moving from 43rd in 2022 to 42nd this year. This boost is primarily tied to the sub-factor of technological infrastructure, where Thailand has risen 9 positions. This progress reflects the country’s push to upgrade and enhance its technology infrastructure to accommodate the rapidly evolving digital landscape.
Regional Comparison
When compared to other ASEAN countries, Thailand holds an impressive 3rd position, just behind Singapore, which is ranked 4th, and ahead of Malaysia at the 27th spot. This competitive standing within the region highlights Thailand’s dedication to driving progress across various sectors and solidifying its position as a regional powerhouse.
Conclusion
In conclusion, the latest IMD report unveiled by the Thai Management Association confirms that Thailand is making significant progress in improving its competitiveness across various key facets. With focused efforts in augmenting economic performance, government efficiency, business efficiency, and infrastructure, Thailand has not only enhanced its rankings but also showcased its commitment to becoming a regional and global leader in these areas. As the nation continues to adapt and evolve, the future looks promising for Thailand’s thriving economy and the prosperity of its citizens.
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