Thailand ranks 25th in World Competitiveness Ranking 2024

Thailand has moved up five places from the previous year to take 25th place in the World Competitiveness Ranking 2024, which was published on Tuesday by Switzerland-based International Institute for Management Development (IMD).

In the survey of 67 major economies worldwide, Thailand came 25th globally and second in ASEAN, behind Singapore.

Singapore also topped the list this year, followed by Switzerland, Denmark, Ireland and Hong Kong, respectively.

As for other ASEAN members included in the survey, Indonesia was in 27th place, Malaysia in 34th, and the Philippines in 52nd.

Reporting the ranking to the Cabinet on Tuesday, the National Economic and Social Development Council (NESDC) said Thailand’s economic performance has shown the biggest improvement among the four categories that were used to assess an economy’s overall competitiveness.

The kingdom’s economic performance moved up 11 places from the last year to 5th, thanks to financial policies that have led to the positive current account balance, Danucha Pichayanan, NESDC secretary-general said.

He added that Thailand’s business efficiency also improved 3 places from last year to 20th. Meanwhile, government efficiency and infrastructure remained the same as last year at 24th and 43rd place, respectively.

Subcategories in which Thailand showed notable improvement this year include: International trade (6th, +23 places), prices (17th, +10 places), and domestic economy (39th, +5 places).

International investment, however, fell 2 places to 24th globally.