Thailand shoots to the top, leaves Malaysia trailing in ASEAN rankings

Thailand has rocketed up the global competitiveness rankings, leaving Malaysia in the dust and securing the second spot in ASEAN. The IMD World Competitiveness Centre’s 2024 report catapulted Thailand from 30th to 25th place worldwide, highlighting a significant leap in economic performance.

Danucha Pichayanan, the Secretary-General of the National Economic and Social Development Council, briefed the Cabinet yesterday regarding this impressive advancement. The ranking assessed 67 economic zones, and Thailand’s rise was remarkable.

“Thailand’s economic performance ranking soared by 11 spots, climbing from 16th to 5th. This is largely due to enhanced international trade and a better current account balance compared to last year.”

While Thailand ascended five places in the overall ranking, its net score slightly dipped from 74.5 to 72.5, mirroring a trend seen in most other economic zones since 2023.

A key contributor to this achievement was the country’s performance in international trade, which saw a massive leap of 23 places, jumping from 29th to 6th. The domestic economy also showed progress, moving up from 44th to 39th.

Government efficiency remained steady, although the ranking for public finance improved by three spots, reaching 22nd. Tax policy and social framework held their ground at 8th and 47th positions, respectively. However, the institutional framework slipped by five places to 39th.

Business efficiency saw an uptick, rising three places to 20th, driven by better management practices, which advanced seven places to 15th. The ranking for attitudes and values also edged up by one place to 18th.

On the infrastructure front, most categories remained stable from last year. Technological infrastructure stayed at 25th, and education held firm at 54th. Basic infrastructure and scientific infrastructure dipped slightly, and health and environment fell by two spots to 55th, reported Bangkok Post.

In related news, the World Economic Forum (WEF) unveiled its Travel & Tourism Development Index 2024, and the results have left many surprised. Released on May 21, the Index provides a comprehensive evaluation of the global travel and tourism landscape, assessing the essential conditions required for investment and operation in the sector.