Thailand improves to 30th place in the World Competitiveness Ranking

By 06/21/2023
Business

Thailand has improved by three places to 30th in the World Competitiveness Ranking released by the International Institute for Management Development (IMD). The country improved in the four main indicators used to compile the rankings, though infrastructure remained its weak link.

Key Takeaways

  • Thailand has improved to 30th place globally in the World Competitiveness Ranking, with infrastructure remaining its weakest link.
  • Denmark, Ireland, and Switzerland were named the top three among the 64 economies measured in the survey, with Europe excelling in the ranking.
  • Economies that were late to open up after the Covid-19 pandemic, including Thailand, Indonesia, and Malaysia, are starting to see improvements in their competitiveness.
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Denmark, Ireland and Switzerland have been named the top three among 64 economies measured for their global competitiveness in the 2023 IMD World Competitiveness Ranking, published today by the World Competitiveness Center for the 35th consecutive year.

The 2023 results also highlight how economies that were late to open up after the Covid-19 pandemic are starting to see improvements in their competitiveness, among them Thailand, Indonesia, and Malaysia.

In the top 10, Singapore dropped one position to fourth, the Netherlands moved up one place to fifth (from sixth), Taiwan, China gained one spot (up to sixth from seventh), and Hong Kong SAR fell to seventh (from fifth). The USA improved one place to ninth, and the UAE went up two places to take tenth.

The IMD ranking measures the competitiveness of 64 economies based on four main indicators: Economic Performance, Government Efficiency, Business Efficiency, and Infrastructure. Thailand improved in all four indicators, with the most significant jump in Economic Performance, from 34th to 16th place.

However, the report also pointed out some areas where Thailand needs to improve, such as infrastructure, education, health care, and environmental sustainability. These are crucial factors for enhancing the country’s long-term competitiveness and resilience.

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